Full text of The Merchants' Magazine and Commercial Review : April 1852, Vol. XXVI, No. IV

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HUNT’S

MERCHANTS’ MAGAZINE.
E s t a b li s h e d J u l y , 1 8 3 9 ,

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUME X X V I.

A P R I L , 1852.

NUMBER IV.

C O N T E N T S OF NO. I V . , V O L . X X V I .

ARTICLES.
Vr t .

page.

I. MONEY OF ACCOUNT—ITS NATURE AND FUNCTIONS—The English money o f ac­
count—History o f the gold standard o f Great Britain—Our own money system, double
standard, coinage, and proposed modifications—Export df precious metals—Foreign ex­
change. By S. C o l w e l l , Esq., o f Pennsylvania...................................................................... 403
II. THE FISHERIES OF THE UNITED STATES. C h a p t e r x.—Future prospects—Whole­
someness of fish as an article o f food—Its greater use recommended to the laboring
classes—Chances of opening a market at the West, etc.—Prospects in West Indies—Cuba
aud Cuban Freedom—South American States, etc.— Market in China.— C h a p t e r x i .—Re­
lation of fisheries to the prosperity o f New England—Character o f our fishermen—Talley­
rand’s libel of them refuted—Conclusion. By E. H a l e , Jr., o f N. Y ................................... 416
III. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.—No. xx x i.—
CHICAGO: ITS TRADE AND GROWTH IN 1851............................................................... 424
IV. THE UNITED STATES IN 1950. By H e n r y D. A. W a r d , Esq., o f Michigan...................443
V. THE LA W OF PROGRESS IN THE RELATIONS OF CAPITAL AND LABOR.—
P a r t 1. By R i c h a r d S u l l e y , Esq., o f New York.................................................................. 448

J O U R N A L OF M E R C A N T I L E L A W .
Common carriers—Important case......................................................................................................... 454
Bankruptcy—Decision in the Law of Partnership...............................................................................456
Law of Louisiana concerning promissory notes, pledges o f property, & c....................................... 458
Informality in a promissory note.............................................................................................................458

C O M M E R C I A L C H R O N I C L E AND R E V I E W :
EM BRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, E T C .,IL L U ST R A ­
TED W IT H TABLES, ETC., AS FOLLOW S :

Speculative movement in stocks and bonds—Investments on foreign account—Effect o f Euro­
pean capital upon our prosperity— Illustrations of the advantages o f borrowing when a profit­
able use can be made of the money—Speculations in real estate—History o f the spring trade,
with its present condition and future prospects —Chauge in the value o f land warrants—Gen­
eral condition of the banks— Legislation in various States on the subject o f banking—Action
o f Congress in regard to changing the standard of value—Deposits and coinage at the Phila­
delphia and New Orleans Mints for February— Imports at New York for February—Do. from
January 1st—Imports of dry goods—Decrease in stock warehoused—Receipts for Duties—Ex­
ports from New York for February—Comparative exports of domestic produce—Decline in
price of breadstuffs abroad—Increased consumption o f cereals stimulated by low prices.. 459-464

voi>. xxvi... no. iv.




26

/

402

CONTENTS OF NO. IV ., VOL. XX V I.

JOURNAL

OF B A N K I N G ,

CURRENCY,

AND F I N A N C E .
PAGE .

Business of the United States Mints from organization to 1851.—Public debt o f Ohio.................. 465
Statistics of banking in the State of New York for 1851............................................... ............ . •••• 46|>
Condition of Ranks and Ranking Associations in the State of New York at five periods o f 18ol. 4b7
Capital, circulation, and expiration o f charter of Incorporated Banks in New York State............. 4t>J
Disease propagated by bank notes.................................. ...................................................................... 471
Gold dust and coin shipped from San Francisco in 1851..................................................................... 7
New York, Philadelphia, and Boston Banks: their capital and dividends compared.................... 474
Condition of the Banks of South Carolina in December, 1851.......................................................... 4/o
United States Treasury Notes outstanding, March 1, 1851...................................... ........................... 47o
United States Treasurer’s statement, February, 1852.—Ingenious fraud in gold coins..... . ..............’ /o
Bonds issued in certain cities and districts o f Pennsylvania.—Debt o f the City o f New York....... 4 <7
Finances o f the Croton Aqueduct........................................................ ................................................. 4j<
Import and export o f gold and silver from New York in 1851.......................................................... 4 A*
Catechism of the Free Banking Law o f Illinois....................................................................................
J

COMMERCIAL

STATISTICS.
479
481
481
483
484
485
486
487
488

Foreign and coasting trade o f the United Kingdom in 1851...........................................
Trade of the United Kingdom with foreign countries and British possessions.............
Commerce and navigation of Rio Janerio in 1851..........................................................
Hogs packed in the Western States in 1850-51-52............................................................
Spirituous and malt liquors produced in United States in 1850......................................
Commerce of Western Towns compared.— Imports o f France in 1851.........................
Prices of Pork in Cincinnati in 1850-51-52.............................................................. . . . .
Commerce and navigation o f Tampico in 1851.— British trade with the West Indies.,
British commercial statistics.—Commerce of Belgium...................................................

COMMERCIAL REGULATIONS.
Rates o f commissions, charges, etc., at San Francisco.......................................................... ............. 489
Of the transport of merchandise between the U. S. and Canada on railroads—a Treasury Circular 490
Of the importation and warehousing of goods : a Treasury Circular............................................ 491
Commercial treaty between Austria and Sardinia.................................................................. ............... 492
Reduction of Spanish tonnage dues.—The new Austrian tariff........................................... ............. 493
Of the importation of English newspapers: a Treasury Circular....................................... ............. 494
Of trade between Canada and United States......................................................................... ............... 494

NAUTICAL INTELLIGENCE.
495
495
496
496

Vessels wrecked at Key West in 1851.—Vessels touching at Elsineur..............................
Magnetic variations at Point Pinos.—Rocks near Tiger Island..........................................
Light-ho use on Island of Curacao.—Carysfort Reef Light-house.....................................
Port of Leghorn.—Barnard Island, coast of Norfolk.—Dolphin Rock, in the Java Sea,

R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S .
The Railroad Car, a poem, by C h a r l e s R. S h i r a s ............................................................................ 497
Operations o f the railways of Massachusetts................................................................................ 497-499
Rates of tolls on the canals of New York in 1852.—Proposed Hudson River Tunnel.................... 500
Canals and other public works of Ohio................................................................................................. 502
Freight tariff of Ohio and Pennsylvania Railroad in 1852.................................................................. 503
Tolls on James River Canal in 1852.—Public works of Pennsylvania............................................... 503
Railroad progress in Virginia.—Loss o f life on railroads of Massachusetts.....................................505
Trade o f our interior commercial centers.—Influence of railroads, by Hon. C h a r l e s S u m n e r . . 506

J O U R N A L OF M I N I N G A ND M A N U F A C T U R E S .
Drugs, dyes, &c., used in manufactures.—Cultivation o f silk............................................................
The manufactures o f Chicago in 1851....................................................................................................
The coal productions o f Ohio........................................ ......................................................................
Cannel coal of the Kenawha Valley.—Gold mines in Virginia..........................................................
Statistics o f the Great Exhibition.—Production o f California Gold.................................................
Discovery o f a silver mine in New Mexico.—New process o f washing gold in California.............
Improvement in the manufacture of oxilate of potash.—Onondaga and Turks’ Island salt...........
Brick making in the South.......................................................................................................................

507
509
511
512
513
513
514
514

S T A T I S T I C S OF P O P U L A T I O N .
Mortality of Chicago, Illinois................................................................................................................... 515
Progress of population in Massachusetts.—Progress of population in Chicago............................... 516
Population of British Guiana....................................................................................................................516

MERCANTILE MISCELLANIES.
Discipline in the merchant service........................................................................................................ 517
Commerce vs. the National Defense........................................................................................................ 519
The Mercantile Beneficial Association of Philadelphia....................................................................... 529
The Mercantile Library Association of Cincinnati.............................................................................. 520
Fraud o f Druggists.—Business hours in Boston................................................................................... f 2]

T H E B OOK T R A D E .
/

Notices o f new Books, or new Editions............................................




52 £ 528

HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
A P E I L ,

1852.

Art.I.— MONEY OF ACCOUNT— ITS NATURE AND FUNCTIONS.
PA R T I.

THE ENGLISH MONEY OF ACCOUNT---- HISTORY OF THE GOLD STANDARD OF GREAT BRITAIN

y/

-----OUR OWN MONEY SYSTEM, DOUBLE STANDARD, COINAGE, AND PROPOSED MODIFICATIONS
---- EXPO RT OF THE PRECIOUS METALS---- FOREIGN EXCHANGE.

T he subjects o f money and coinage have by turns occupied some o f the
ablest minds of wliicb civilization can boa st: we have the results o f their
decisions in some cases, and in many we have their deliberate opinions as
given to the world in their works. Y et on these subjects there is no agree­
ment, no general consent, and no acknowledged authority. It can hardly
be claimed that much progress has been made for a century in the solution
of the different questions involved. There may be Jess interest in these
questions than formerly, now that so large a proportion o f our payments
are made without any agency of the precious metals, but so long as the
present system o f money prevails, questions pertaining to the proper regula­
tion o f coinage must retain their importance, and call for their just solution.
W here so much contrariety o f opinion prevails on subjects o f such m o­
ment to every civilized community, and among men so capable o f deciding
correctly, it is safe to conjecture that some necessary element o f the subject
has been omitted, or that some wrong one has been included, which has
vitiated our conclusions. Capable men err more frequently in adopting
their premises than in their processes o f deduction.
It is in this way, as we believe, the difficulties have arisen on the subjects
o f money and coinage. One o f the chief mistakes has consisted in not ap­
preciating the scope and agency, and in not observing the functions of
money of account .
As this agency is widely operative and efficient it
can neither be overlooked nor thrust aside in any just view o f the subject




40 )

Money o f Account— its Nature and Functions.

of money. If it lias not been wholly neglected its relations with coinage
remain to be adequately shown and comprehended.
W e take the following definition o f money of account from a work of
admitted authority among merchants and dealers in coin and exchange,
K elly's Universal Cambist.*
“ Moneys are distinguished info real and imaginary. Real moneys are coins,
bank-notes, or any other tokens o f credit that have a currency.
“ Imaginary moneys, also called ideal moneys, are not represented by any coin,
but are used in keeping accounts: they are understood to have had theirfoundation
in real coins or weights, which were the original units adopted as measures o f
value, and which have been continued under the same denominations, notwith­
standing the changes that may have taken place in their intrinsic value. Although
moneys of account be not represented by real coins, yet their intrinsic value may
be determined by their known relation or proportion to certain coins.
“ Moneys o f account may be considered with respect to coins as weights and
measures with respect to goods, or as a mathematical scale with respect to maps,
lines, or other geometrical figures. Thus they serve as standards o f the value
both o f merchandise and the precious metals themselves. It should, however,
be remarked that moneys o f account, though they are uniform as a scale o f di­
visions and proportions, yet they fluctuate in their intrinsic value with the fluctua­
tion o f the coins they measure or represent.”
In another place (vol. ii., p. 148) he introduces a table of moneys of
in the following words :—
“ In the following table o f moneys o f account, it may be observed that some
o f these moneys are real coins, the value of which may be computed from the
mint regulations, or from assays; but when they are imaginary moneys, which is
generally the case, their value must he found by their established proportion to
real coins.”
The table furnishes a list o f more than a hundred different moneys o f
account, with their value in silver and gold, stated in English pence. These
moneys o f account are those o f the principal countries o f the world. The
table is closed with this remark ;—
account

“ The foregoing table has been computed from the proportion which the
moneys o f account bear to the coins o f each place respectively.”
W h ere there are no coins in a country corresponding in denomination and
subdivision to its money o f account, the people readily apprehend the dif­
ference between coins and money o f account. In England and in this
country, unfortunately for our clear comprehension o f their difference, the
coins correspond with the money o f account, and many cannot readily make
the required distinction. W ith attention, however, the distinction may be
mastered. W h en an Englishman visits the continent he carries in his mind
his own money of account, and by its aid values every coin he meets, and
expresses the value in its terms which are so familiar to him ; and thus the
foreign price o f every article can only be tested when mentally turned into
pounds, shillings, and pence. The foreign coins he carries in his pocket are
all measured in that way, and it will require a long familiarity with foreign
prices before he can think in any money o f account but his own. The men­
tal operation is similar to what he uses in learning to speak a foreign language,
he thinks first in his own what he may express afterwards in a foreign
tongue. If the English traveler is familiar with the home prices o f articles
submitted to him abroad, he will, without hesitation, annex prices to all the




* I. Vol. xxxiii.

Introduction.

M oney o f Account— its Nature and Functions.

405

foreign goods lie sees in English money o f account. l i e does not, in this
instance, use his domestic coins as a measure of value ; the operation of
fixing such prices is not a comparison o f his domestic coins with the foreign
goods, it is the expression o f their value in English money o f account.
During the time o f the suspension of payments by the Bank o f England,
between 1797 and 1822, such was the demand for gold on the continent,
for army purposes, that it became, for most o f that period, merely an article
o f Commerce, in great demand for export. The price o f gold rose under
this continued demand from £ 3 17s. lO^d., an ounce, to over £ 5 . A ll gold
coins bore a market value in proportion to their weight. During this period
o f suspension an immense development o f industry and Commerce took
place in Great Britain, and yet nearly the sole expression or measure of
value was this money o f account, and nearly the sole medium o f payment
was bank-notes and checks. It must be perfectly plain to those who are
fhmiliar with the history o f that period, that if every coin o f gold and silver
had been swept by the foreign demand from that country, the people would
not the less have continued to transact their business and make payments in
pounds, shillings, and pence. So they would have done also if platina had
been introduced as a medium o f payment. A whole generation of men
came into business during this suspension who were not familiar with coins,
and seldom ever saw a guinea or a sovereign ; yet they never had any diffi­
culty in buying and selling by pounds, shillings, and pence. D id they in
every instance use coin as their measure o f value ?
I f we have attained a clear perception o f the functions o f the money of
account, we are able to answer the question, w hat is a pound ? by simply
replying that it is the unit o f the money o f account o f Great Britain. The
value o f that unit, or its power, everybody in that country knows. The
statute which fixes the mint price o f gold in England is an application o f the
money o f account by Parliament to the article o f gold, and it really no
more changes the nature o f the money o f account, when applied by law to
express the value of an ounce o f gold, than if a merchant had so used it.
The price o f an ounce o f gold is declared by statute to be permanently at
£ 3 17s. 10 id ., and the Bank o f England is required to purchase it from all
who offer, at £ 3 17s. 9d. Although the effect o f thus declaring permanently
the value o f gold may confuse the minds o f many, and lead them to infer
that the ounce o f gold is the £ 3 17s. 10id., it does not remain the less true
that it is a simple expression o f value, and that the ounce o f gold and the
£ o 17s. 10J-d. are not convertible terms, because the latter expresses the
value o f the former. It may be asked what did £ 3 17s. 1 0 id . mean before
it was used by the statute to denote the value of an ounce o f gold.? D id
not people understand by £ 3 17s. 10yd. the same thing after its use in the
statute as before ? A n d how many thousands reckon familiarly in pounds,
shillings, and pence, who know nothing about the mint price of gold.
If a British statute declares the gold Napoleon o f France to be worth
15s. 10id., that is not merely declaring the Napoleon to be worth its weight
in gold , it is the expression o f the value in English money o f account; it
is not the same as if it had declared the Napoleon, weighing one hundred
and seventy-nine grains, is equal in value to one hundred and seventy-nine
grains of gold. Such a declaration as this would only be intelligible to
those familiar with the process of weighing gold. To say that a Napoleon
is worth 15s. 1 0 id . is perfectly intelligible to every English ear; but if you
were to ask the exact weight in gold which would be equivalent to 15s. 1 0 jd .




406

M oney o f Account— its Nature and Functions.

not one person in a thousand could reply without a calculation, or consulting
some authority.
In England gold is the only legal tender for sums over forty shillings.
I f you enter a warehouse in London and ask the price o f any number of
articles over that sum the salesman will inform you instantly; but if you
ask him how much gold you shall weigh him for any article, he cannot
answer.
W h en the English farmer asks fifty shillings a quarter for his wheat, does
he measure the value by a mental reference to fifty silver shillings, or to twoand-a-half sovereigns in gold ? Or does he on the instant think o f either
silver or gold ? Does he think o f anything beyond expressing a price ? And
did he not with equal readiness give the rate before the mint price o f gold
was fixed as at present? If, as some say, the naming a price is strictly a
comparison o f the article priced with its equivalent in the gold standard,
why is wheat continually quoted in shillings, o f which there is no equivalent
in gold, instead o f in pounds and fractions ? W h y say fifty shillings instead
o f £ 2 10s. ?
If the process o f naming a price was strictly a comparison
with gold, the mind would naturally cling to the pound or sovereign, and
its fractions, especially where there are equivalents in gold, and say twoand-a-half sovereigns.
THE UNIT AND MONEY OF ACCOUNT IN THE UNITED STATES.

In the United States the unit o f our money o f account is a dollar, with
decimal subdivisions. B y the use o f dollars and cents the prices o f the
thousands o f millions o f dollars worth o f goods which change hands annu­
ally are expressed, valued, and s o ld ; and as many transactions take place
with the same goods, it is probable that tens o f thousands o f millions would
come short o f the annual business o f the country. The actual payments in
coin do not, it may be supposed, reach 1 per cent o f the whole am ount;
nor is it expected while the business is progressing that a greater proportion
will he paid in coins.
In all the countless application o f our money unit and its hundredths, is
there an invariable reference made to the dollar coin ? So far from it, that
the presence o f silver dollars as samples would, so far from aiding, embarras the operation. Does the active salesman who is continually naming
prices from morning to night carry the image o f the silver dollar in his men­
tal vision all the time ? Suppose when he pronounces the price o f a bale of
goods to be two hundred dollars, a quantity o f silver coins were thrown
before his astonished vision, he would be very apt to say, “ Carry them to
the bank or the broker— I am no judge of coins, they may be too light, or
they may be counterfeit for aught I know.” The purchaser may reply, “ Take
them by weight and return any that may be condemned as false coins.”
But the answer would be in almost every such instance, “ I know notthe value
o f a pound, ounce, pennyweight, or grain o f silver.” D id this merchant
measure the value o f his goods by coins ? Let us suppose this lot o f mis­
cellaneous coins to be carried to the counter o f a dealer in the precious
metals; it will be immediately inspected, classed, and valued in dollars, pre­
cisely as the merchant valued his goods. Some dollar coins may be worth
one dollar and one, two, or three cents; some worth one, two, or three cents less
than a dollar: the various classes into which they may be assorted will be
separately valued, and the whole being added together will make the sum




M oney o f Account— its Nature and Functions.

407

which the broker is willing to give for the lot. It is soon sold and paid for
by a check on the bank, which pays the merchant for his goods. Now was
this parcel of coins valued in the same way as the box o f prints, and both
were equally indebted to the efficiency o f the money o f account ?
If it be alleged that the merchant and broker had each a reference in their
minds for the purpose of expressing their several valuations, to perfect dollars,
we ask how they could thus carry the idea o f a dollar so perfectly as to
exceed in accuracy the ordinary coins o f circulation. If men can carry the
value o f the perfect coin in their minds, then that is what is called “ imagi­
nary money,” or money o f account, by the Cambist.
Take another case o f a bale o f goods, priced, sold, and paid for, in what
appear to be new and perfect dollars. It would be said by those who take
that view o f the subject, that the value o f the goods were measured by the
coins which were used, as an equivalent in paying for them. But the coins
are all counterfeit, and so perfect that they circulate a long time, performing
all the functions o f money, without injury or loss to any one except those
in whose hands the false coins are at last detected. In this instance, every
article paid for in these coins would have been valued in false money, and
as every dollar might have been paid a hundred times without injury to any
except the last holder, the rather strange conclusion must be drawn, that
false coins are equally efficient in measuring value with the genuine. This
will hardly be admitted, and we are driven to the conclusion that it is the
ideal dollar o f our money o f account— the value o f our money unit clearly
understood and firmly settled in the minds o f the people, that is applied
without hesitation at all times, and by everybody, to measure the value o f
every article of sale, or susceptible o f valuation, whether goods, coins, or
bullion.
Our ancestors brought with them to America the English money o f ac­
count, and their posterity continued thus to employ it until the present sys­
tem was adopted by our government after tbe revolution. But a money o f
account cannot, even by legislative authority, be created nor destroyed in a
day. The English money o f account maintained its supremacy in terms, though
greatly changed in signification, through a long period, although almost the
only coins in circulation were Spanish dollars, and halves, quarters, eighths,
and sixteenths. These coins were valued in the money o f account and em­
ployed as a medium o f exchange. After the transition commenced from
the old to the new money o f account, from the unit o f a pound to the unit
o f a dollar, it was a common thing for our merchants, familiar as they were
with the dollar and its parts, to keep all the details o f their books, and o f
prices, in pounds, shillings, and pence, and to convert the footing o f the
columns or balances into what was at first called federal money. Not unfrequently a column was kept for the new money, the items o f account be­
ing entered short in the old way and carried out afterwards in dollars and
cents. So firmly was this habit of buying, selling, and estimating goods in
the old money fixed in the minds o f the people, that though more than half
a century has elapsed since the establishment o f the present convenient unit,
it is scarcely yet eradicated in many localities. It is yet partially used in
the interior of Virginia, South Carolina, and perhaps Massachusetts. In
New York the term shilling holds its ground generally to this day, owing,
in part, to the shilling there corresponding in value with the Spanish eighth
o f a dollar. These colonial denominations varied so much that in Massachu­
setts a half-dollar coin was valued at three shillings ; in New York, at four




«

408

Money o f Account— its Nature and Functions.

shillings; and in Pennsylvania at three shillings and nine pence. A mer­
chant o f the last named State was sixty years since just as prompt in affixing prices to his goods as one o f the present d a y ; the former could
employ the Pennsylvania currency just as readily as he o f this day uses
dollars and cents. The former had in his mind no coin corresponding with
his pound, his shilling, or his penny. There was no such coin ; nor could
he have in his mind, as the measure o f value, any corresponding weight of
silver or gold, because very few indeed knew the value o f either metal by
weight. It is impossible to think or say that the merchants o f that day
measured or estimated the value o f their goods by mental or actual refer­
ence to coins, for there was then none such and never had been. This
colonial money o f account was a purely ideal scale, the power or value of
which was fixed in the minds, and its use in the habits o f people. W h at
was so long true o f our colonial currency, is to this day true o f the Canadian
money o f account, which has no corresponding coin,— the British shillings,
and Spanish and American coins circulating there, not corresponding with
their money unit. It is worthy o f remark, too, that the French population
of Canada still preserve the money of account which their ancestors brought
over with them, and which has long been out of use in France, namely,
limes, sous, and deniers. There have been no coins corresponding with this
unit and its parts to keep up the memory o f this money o f account, to
confirm its use, or to explain its meaning.
It would be endless to bring illustrations o f our meaning from the moneys
o f account o f Europe and Asia, as every country w'here industry has flour­
ished, or Commerce been active, furnishes proof that the same habit o f con­
verting the denominations of coins into a mental scale, for comparing and
expressing values, prevails everywhere— in China and Persia, and the East
Indies— equally as in the more civilized nations o f Europe. China has no
coinage, and gold and silver are there sold constantly at their market value,
and weighed out in payments, the amounts o f which are expressed in the
money of account.
But we need not continue these details further at this stage o f our in­
quiry. It is proper to say that we do not bring forward this use of the
money o f account as a standard o f value, or as what some have called an
abstract currency. It is no standard o f value, nor is it a standard o f any
kind, not can it, without an abuse o f terms, be called a currency. Its use
neither dispenses with a standard o f coinage, nor with devices for payment,
institutions o f credit, nor a paper currency. It is the popular expression of
value. Coinage furnishes the legal equivalent.
A money o f account, well established in the habits and minds o f the peo­
ple, is a thing o f slow growth, and cannot, therefore, be created by law.
Our national legislature enacted that the dollar should be the unit of
our money o f account, and immediately the public accounts were translated
into dollars and cents, but many years elapsed before dollars and cents be­
came the money o f account— the popular measure or scale of value in the
sense in which we use the term. If Congress were by another act to re­
quire that all business should be transacted in francs and centimes, it would
require nearly half a century to make the change in the minds o f the peo­
ple. So far as legislation is concerned, such a change could be made in a
d a y ; but long familiarity with the terms, in all the circles o f industry and
the avenues o f trade, can only establish the precise power and force o f these
terms in the minds o f the masses.




M oney o f Account— its Nature and Functions.

4 09

If we are right as to the existence o f the popular application o f the money
of account, it may be readily inferred that it must be the duty o f the gov­
ernment to provide a money o f account suited to this important application
o f it. Our change from pounds, shillings, and pence to the dollar, and its
decimal subdivisions, was a wise measure in this aspect, and the more es­
pecially as the people were in a large degree prepared for the change by a
long familiarity with the term dollar, and the value it implied. In propor­
tion, however, as such a money o f account is fitted to its purpose, and in
proportion to its hold upon the minds and habits o f a people, is the mis­
chief and danger o f disturbing and deranging it.
If we reflect that the annual product o f our industry, agricultural
and manufacturing, in the United States, exceeds two thousand millions in
value, and that, on -the average, these products are sold many times, and
that this mighty mass o f valuables is, to its whole extent and in all its parts,
put at prices fixed in our money o f account, and that an incessant valuation
is going on in the infinite operations o f trade and industry, we must admit that
anything which introduces confusion into such an immensity o f business
must be an incalculable evil. It falls far short o f the reality if we estimate
the successive valuations or prices fixed on goods sold and unsold every
month in the United States at over a thousand millions. A mistake o f 1
per cent on this vast sum would be a disturbance on the whole to the ex­
tent of ten millions. If our government were to require us henceforth to
keep our accounts in francs and centimes, making no other change in our
money system, the disturbance created would be a matter o f inconvenience,
the amount o f which must be measured by the injmense transactions it
would aflect, and the necessity o f converting such an infinity o f sums of
money from dollars into francs. But the change would not be confined to
mere inconvenience, for many o f the ignorant, the dull, and the unwary
would become the prey o f the designing and crafty. There can, o f course,
be no adequate estimation o f the mischiefs which such a change o f our
money unit would inflict, and surely nothing could justify such legislation
except greater evils were threatened from the other side. The grounds of
our national adoption o f the dollar unit were not merely its convenience and
actual superiority, for strong as are these reasons they might have failed to
overcome the opposition to a change ; it was the necessity o f harmonizing
the differences o f the money of the several States, which made the adoption
o f a new unit, which should be common to all the States, a matter o f im ­
perative obligation. And the free communication among the States, with
different modes o f computation, having among them the same legal money
unit, was what efficaciously hastened a complete compliance with the law.
The new money o f account was a language into which all- the varying
languages o f computation could be translated. W hen men o f Massachusetts
and Pennsylvania were accounting together, instead of a mutual transfer of
their accounts into their respective currencies, they were both changed into
federal money, and thus adjusted. The necessity o f doing this constantly,
among those residiug in different States, greatly assisted and hastened that
otherwise slow process o f displacing one money of account by another. The
inconvenience was less felt and complained of, because it was really not so
great as that which they endured under the old diversified systems.




410

Money o f Account— its Nature and Functions.

DISTURBANCE OF THE MONET OF ACCOUNT BT OPEN AND BY CONCEALED ATTACKS.

But if the change o f a money unit under the most favorable circumstan­
ces, and for the strongest reasons, is productive o f so much inconvenience to
all, and risk o f imposition upon the unskillful and unwary, what must be
the effect where the change is not merely from one unit to another, but a
concealed or unseen attack upon the unit itself ?— the occurrence o f such
circumstances, or the enforcement o f such regulations as tend to change the
value o f the unit and produce confusion in regard to it in the minds of those
employing it ? Instances o f this kind o f change are but too familiar to
readers o f the histories o f European countries, in the frauds perpetrated by
mistaken or unscrupulous rulers— in the successive debasements o f the cur­
rent coins. In England this has been done until the equivalent o f the money
unit five hundred years ago and that o f the present day is as thirty-two to
ninety-nine: they coined, originally, including the alloy, £\ Is. 4d. from a
pound o f silver; since 1816 they coin £ 3 6s. from that quantity of silver.
In France the debasement has proceeded so far as the rate o f seventeen to
one. The evils and losses inflicted upon the respective countries in which
these abuses were practiced can never be adequately estimated. Measured
by the mere inconvenience they imposed, great as that was, no just idea of
the mischief could be attained. A more correct estimate may be drawn
from the cries o f distress which came from all quarters on the occasion o f
these debasements. Volumes might be filled with the complaints caused
by the iniquities o f this process o f debasement. In France a heavy tax
was agreed to be paid on condition the coinage was permitted to remain un­
disturbed. It is true that in the periods when these debasements were
most resorted to as a means o f raising money, neither rulers nor subjects fully
understood the true nature of the evil, although its results were felt by those
whom they aflected, so as to leave no doubt about the injury. The functions
o f a money o f account were not known, as they are not sufficiently appre­
ciated even to this time. The whole o f the mischief was in those cases im­
puted to the change o f the coinage, because that was the occasion. N o de­
basement, however great or well managed, could much injure those who were
knowing enough to detect the fraud, or in a position to discover it. They could
readily perceive that the new coin which purported to be a shilling, and
which the authorities required to be so called, was in fact worth only ten
pence, and they could take their precautions accordingly. But the mass o f
the people, who could not distinguish the shilling o f their money o f account
from a shilling coin, would continue to count and fix their prices and make
their sales in the usual shilling o f account, and receive payment in the de­
based coin. Their eyes would only be opened after the fraud was complete,
and after the perpetrators had extracted a large sum from the public, and
after merchants and bankers, shrewd enough, and unscrupulous enough to
avail themselves o f the opportunity, had levied a tenfold larger sum. This
process o f breaking up or destroying a money o f account is one o f fraud
and misconception, where all parties to a transaction are ignorant of what
has been done; they speak in one language, the law, under which they act,
speaks in another; they make their prices by one scale, the law exacts pay­
ment by another. W here, as would soon be extensively the case, one party
comprehended the change and the other did not, a direct advantage could
be taken to the extent of the depreciation. Such debasements destroyed
the money o f account because the base coin was made a legal tender for its




M oney o f Account— its Nature and Functions.

411

nominal amount o f valuation in the money o f account. The ignorant and
unwary were therefore preyed upon until the extent o f their losses finally
opened their eyes, and the speculation became no longer available. The
prices o f all articles would become enhanced to the amount of the debase­
ment, and that being the case, a new money o f account would gradually be
established, as habit rendered the new unit familiar. It must not be over­
looked, that the success o f this kind o f fraud depended on the fact that the
money unit in use, where the fraud was attempted, was so firmly fixed in
the minds o f the people that they would continue to compute hy it after
the alteration in the value o f the coin. The success of the fraud would
come to an end as fast as the new money o f account replaced the old one.
The law which made the debased coin a tender at its former value would
cease to be effective when all prices were fixed by the new scale. It is well
known that men o f business had such a dread o f the confusion, trouble, and
loss, ensuing from a debasement, that they stood aghast at the prospect or
mere suspicion o f such an event.*
EFFECT OF A CHANGE IN THE VALUE OF THE PRECIOUS METALS ON THE MONEY OF ACCOUNT
---- L A W OF LEGAL TENDER---- DEPRECIATION OF PAPER CURRENCY.

There is another way in which a monetary unit may be changed, which
it is important to consider, and that is, by a change in the value o f the pre­
cious metals o f which the coins most in use are composed. It is by no
means a necessary consequence; but unless the danger is seen, and precau­
tions taken, there is always danger o f the money o f account being disturbed
where the ordinary coins o f circulation change their value gradually, and
from'causes not generally appreciated. This danger is always greater where
the name o f the money unit is the same with the chief coin— as our chief
silver coin and unit are both denominated a dollar. I f the silver in a dollar
coin should depreciate by degrees imperceptible to the mass o f men, the
unit would alter by a change following at a long interval from the depre­
ciation. During this time a harvest o f profit would accrue to those who
were shrewd enough to perceive the alteration, and fortunate enough to
be in a position to avail themselves o f it. Its operation would o f course be
very unequal-— the advantage and disadvantage to some might be eq u a l;
many might suffer severely without understanding the reason, and some
might be profited without knowing how. The whole mass o f transactions
occurring within the range o f this depreciation, the prices fixed upon all
commodities for sale, the contracts o f sale, the actual payments in coin, the
whole position o f debtors and creditors, their books o f account, evidences of
debt and securities o f credit, would be more or less affected. There could
be no certainty that the parties to these transactions perfectly understood
each other. It might very frequently be a matter o f accident or chance on
whose side the advantage would fall, but it would be very certain that those
who understood the process of depreciation would have power to turn the
whole event very greatly to their profit.
W e say that the money unit would suffer even where it did not corres­
pond in name with any c o in ; we mean, o f course, where there is a fixed
price on the precious metals, and a law o f legal tender. Wherever neither
o f these circumstances exists, as in China, where great fluctuations in the
See the note at page 35, Snelling on the coin s o f Great Britain, France, and Ireland.




412

Money o f Account— its Nature and Functions.

value o f gold and silver occur, there such changes have no effect whatever
upon the money account. In China the value o f gold and silver can always,
in any variation, be expressed in tales, mace, candarines, and cash ; and so
in England, if the statute making gold a legal tender at £ 3 17s. lO Jd. were
repealed, the value o f gold could be expressed under any possible degree o f
variation in pounds, shillings, and pence. So, if our law making gold a legal
tender were repealed, we should have no difficulty in expressing its value in
dollars and cents, at any possible depreciation to which it might descend
under the effect o f the influx o f that metal from California or Australia.
But when the law compels men to take gold at a fixed value, and coins are
issued in gold which are made a legal tender at one dollar, five, ten, and
twenty dollars, the mass o f men will be slow to perceive any depreciation of
a coin which the law holds at the same value. They can only discover the
change by a long process o f selling at the old value and being paid in the
new, whilst very few will enjoy the equivalent advantage of buying by the
old scale and paying by the new.
The unit o f valuation may be disturbed and destroyed by the depreciation
o f a paper currency which enjoys the whole circulation o f a country. If
such a currency is once established in the confidence o f a community, so as
to be received in all business transactions at par with the unit, or as equiva­
lent to coins of known value, it may depreciate by such imperceptible degrees,
and from such unseen causes as gradually to cause a general rise of prices
corresponding to the stage o f depreciation.
This, o f course, destroys
that money o f account, and gradually substitutes another; but the process
is fraught with all the mischiefs and confusion attendant upon a change in
the value o f gold and silver.
This was that which was alleged to have taken place in England in the
period o f suspension o f payments by the bank between 1S09 and 1815,
when at one time, as we have already mentioned, gold reached the very high
price of £ 5 4s. A n d it is still urged by some in that country that no more
unjust nor impolitic legislation ever took place than that which restored the
unit o f account to its original place compared with gold. But the very
heated controversy which took place within the period above-mentioned, is
one o f those in which the calm observer o f later days looking through a
less prejudiced medium can clearly perceive that there was much truth
and error on both sides, and that their differences were of a nature that no
element employed in their discussion could enable them properly to recon­
cile or determine the preponderance. N o doubt there was some deprecia­
tion o f the paper o f the Bank o f England, but not by any means correspond­
ing to the price o f gold, which was in special demand, owing to many special
causes, but chiefly to the wars raging on the continent. After the battle of
W aterloo, as the affairs o f the continent gradually resumed a state o f quiet,
gold fell by degrees to its average market rates.
If the strenuous efforts which were put forth at the period o f this contro­
versy had been in part directed to preserve the money o f account intact,
rather than to an angry and excited discussion upon the question whether
gold had risen or bank-notes had fallen in value, more light would have been
shed upon the subject, and more real good accomplished. The publications
of this period, and the Parliamentary reports form the most valuable mine




M oney o f Account— its Nature and Functions.

413

o f instruction on the subject o f money and credit anywhere extant, but far
too voluminous to be more than merely referred to in this connection.
The money unit o f the American colonies was destroyed and diversified
by a process the opposite of the depreciation of the coin. The long con­
tinuance o f an unfavorable exchange with England with most o f the colo­
nies begot a constant and pressing demand for coin as a remittance. The
exports of the colonies were insufficient to furnish bills o f exchange for ad­
justment o f the large indebtedness to the mother country, created by inces­
sant over-importation. The only possible mode o f discharging a large por­
tion o f this foreign debt was by the exportation o f coin. The demand thus
arising continued so long and so urgent that the value o f coins began
and continued to enhance, through a long series o f years; the scarcity
became so great that the colonists suffered severely for some medium o f ex­
change, and were driven to various strange expedients, and not unfrequently
to a state o f barter, in which the commodities to be exchanged were valued
in the mouey o f account. That is, all payments were made in the commo­
dities exchanged, whilst all prices were fixed in the money o f account.
During this period Spanish dollars and fractional coins under this spe­
cial demand rose in value, and increasing prices continued to be expressed in
the usual money o f account. The dollar, which at first was worth 4s. 6d.,
became worth 5s., 5s. 6d., 6s., 6s. 6d., Vs., and Vs. 6d. in Pennsylvania, and
in New York it went to 8s. It is true that in some colonies this process
was complicated with an excessive issue of paper currency. In such cases
it may not be practicable to estimate the respective influences o f the unfa­
vorable exchange and consequent demand for coin as an article o f export,
and that o f the overissue o f paper currency, but that both causes had their
appropriate result is easily seen, and the more especially as they were not
always contemporary. In some o f the colonies no paper was issued, and in
them the unfavorable exchange destroyed not less effectually the money unit,
and in some o f the colonies the original money unit was changed before the
issue o f the paper currency. It thould be noted that neither an unfavorable
exchange nor an overissue o f bank-notes necessarily involve the destruction
o f the money o f account. W here there is a regular place for the transaction
o f exchange and regular quotations o f the rate o f exchange made public,
there the nature o f the demand for coin is at once seen and understood, and
the price of coins ne ady keeps pace with the price o f exchange, both coins
and bills o f exchange being rated in the terms o f the money o f account at
what they were worth. There was no regular price for exchange, nor were
there regular dealers in exchange in the early days of our colonial existence,
and the mass o f the people did not comprehend the true nature o f the de­
mand for coin. Hence, as coins almost disappeared from circulation, and as
a high nominal price was continually bid for them, the prices o f other com ­
modities fell into a state o f confusion, and all harmony o f adjustment was
gone, for few could tell whether prices referred to an equivalent in coins or
au equivalent in other commodities.
So in the case of paper issues ; its depreciation docs not necessarily imply
injury to the money o f account, for where there is good paper with which
to make comparison, it may be quoted, paid, and received at any rate o f
discount agreed upon, from 1 to 99 per cent— a fact familiar to all men of
business in the United States.




414

M oney o f Account— its Nature and Functions.

THE MONEY OF ACCOUNT NOT A STANDARD BUT A MODE OF EXPRESSING PRICES AND STATING
VALUES.

It is clear, then, to those who have regarded the subject with attention,
that every community o f trading people, having once adopted any unit for
the expression o f prices, computation o f money, and keeping books, as,
in the first instance some coin or determinate quantity of gold or silver, in­
variably forms, by the use o f this unit for a long period, in all the infinity
o f industrial and commercial transactions, an ideal money o f account which
becomes so clearly defined and fastened on their minds, that it is in fact the
medium by which all prices are fixed and expressed, and finally capable o f
noting variations in the value o f the coin from which it took its rise. It is
equally clear that, once established, its tendency is to remain steady, and
that the minds o f the masses cling to it with a tenacity which nothing can
disturb or destroy, except causes not understood by the multitude, or ope­
rating unknown to them, or legal compulsion long continued. It is further
clear that, as it is not in coins that prices are expressed and accounts kept,
so it is very important not only that the public should be well master o f the
prevailing money o f account, but that all disturbing causes should be warded
off. As the public authorities in remote times availed themselves o f this
tenacity o f the people in clinging to their habitual mode o f expressing values,
to debase, very often secretly, the coins which were the usual equiv­
alents used in paym ent; so now, when commercial rectitude rules so
much more firmly and extensively, the public authorities should carefully
keep off the operation o f such causes as tend to disturb or destroy the com­
mon money o f account, and thus carry confusion into transactions o f count­
less magnitude. The subject should, at this late day, be sufficiently under­
stood to be the object o f wise legislation ; if not understood, it should at
least be the subject of careful and competent investigation. Events are even
now in the horizon which demand such preparation.
This view o f the functions o f the money o f account is not brought for­
ward for, nor recommended as a standard o f value ; not at all. It is merely
stated as a fact in the mental habitudes o f trading people ; a fact which
fully explains some o f the most disputed and difficult points in the doctrine
money. It is brought forward and explained, that its bearings may not be
overlooked, and that the light which it sheds on the subject o f money and
coinage may not be lost.
It has been long well enough understood what the functions o f a money
o f account are when applied to the keeping books o f accounts and entries
o f debit for sales made and goods delivered. Transactions o f this kind oc­
cur among us to an extent very many times greater than those in which
actual coins are used. The prices o f the articles sold are recorded in books
o f account, the sum total is carried out in them, the notes and bills by which
they are finally adjusted, are entered in like manner. N ow the figures in
these transactions and entries represent sums clearly apprehended by the
minds of the parties, although not expressed in the name o f any coin in ex­
istence. So it is in regard to the language o f contracts o f buying and sell­
ing— the parties perfectly understand one another, and accurately measure
and express the value o f every commodity o f trade, although no coins are
present and none are in existence corresponding to the denominations o f
their money o f account.
It is more than probable that this function o f a money o f account which
we specify would have been better understood, had not those who most




M oney o f Account— its Nature and, Functions.

415

clearly perceived and explained it presented it as an ideal standard. Some
of them even regarded it as a perfect standard o f value infinitely preferable
to one o f silver or gold. They had observed certain exhibitions o f the
mental habit we have indicated, but had not marked the causes which so
effectually confuse and destroy their supposed standard.
On the other hand, this notion o f an ideal standard has been met and re­
futed without perceiving that approximation to a standard which the mental
employment o f the money o f account really makes. The fact o f an ideal
standard was denied by those who failed to reach the full conception of a
money of account. The controversy in reference to an I deal S tandard or
A bstract C urrency, as some have called it, is one o f curious and instruct­
ive interest, and shows strikingly how close both parties to a discussion may
approach the truth without touching it.
Believing, as we do, that the views we have presented o f the functions o f
a money o f account are highly important in practical respects, and very ne­
cessary to a clear conception o f the whole doctrine o f money, and many of
its special difficulties, we have thus brought it to special notice. It is not
needful, however, that our explanation be conceded to be correct for the
practical object now before us. It will answer our purpose, to stop short o f
the functions we assign to the money o f account, and take the doctrine of
standard as held by Ricardo* and McCulloch. The latter, in the article
“ M oney f in the Encyclopedia Britannica, has produced one o f the most
intelligible and practical treatises on money to be found. H e clearly dis­
tinguishes between the standard o f the coinage and the standard o f the cur­
rency ; he denies that coins are a sign or measure o f value. They are, he
says, the things signified ; they are not a measure, but an equivalent.
There is an obscurity in this term standard o f currency ; for if currency
means the same thing as the coins, then the standard o f currency is the
same thing as the standard o f coinage, which is merely the proportion of
pure metal to the alloy in the coins. W h at they mean, however, by the
standard o f currency, is the quantity o f coin which is the equivalent o f the
unit or denominations o f the money o f account, and they allege that when
in England you speak o f £ 3 17s. lO^-d., you mean an ounce o f gold ; and
when you speak o f a pound you mean a sovereign; and applying their
doctrine here, that when a dollar, or any number o f dollars, are spoken of,
it is intended the quantity o f silver in one dollar, or in the number o f dol­
lars mentioned. They insist that all prices are fixed, and all sales made with
express reference to the quantity o f gold or silver, which is the equivalent of
the terms used. A n d we admit this is strictly true until a long use o f the
terms and habitual familiarity with the equivalents impress them firmly
upon the mind, when they can be employed readily without any mental ref­
erence to the coins, and that the coins or equivalents upon which this money
o"f account is thus founded may be wholly withdrawn, as may be shown
to have been the case in innumerable instances.
* Ricardo, “ Proposals for an Economical and Secure Currency.”




416

The Fisheries o f the United States.
I

Art. I I — THE FISHERIES OF THE UNITED STATES.
CHAPTER X.
F U T U R E T R O S P E C T S — W H O L E S O M E N E S S OF F IS H
COM MENDED
LARGE

TO

TH E

L A B O R IN G

M ARKET AT TH E

AS AN A R T IC L E

C LASSES— T O

W E S T — IN

TH E

O F FO O D — I T S

GREATER

F A R M E R S , E T C .,— C H A N C E S

OF

USE

RE­

O P E N IN G

A

C A L IF O R N I A — P R O S P E C T S IN W E S T I N D I E S — C U B A , A N D C U B A N

F R E E D O M — S O U T H A M E R IC A N S T A T E S , B R A Z I L , G U IA N A , G R E N A D A , E T C .— W E S T E R N

SO U TH A M E R ­

I C A — E A S T I N D I E S — C H A N C E S O F A G O O D M A R K E T IN C H I N A .

I f that suitable care which we recommend as necessary to afford us the
chance of a fair rivalry, is hereafter exercised, we shall certainly be able, with
the growth o f our own nation, and the enlargement o f our foreign Commerce,
to find a market for our fish, and that perhaps, without incommoding at all,
our friends o f the East.
Fish is one o f the wholesomest and best articles o f food, adapted to use
at all times, and especially suited to hot climates. It is in such places, in­
finitely preferable to flesh, being less fat, and generating, therefore, less ani­
mal heat or caloric. W e believe that in torrid regions, or in the warm sea­
son of temperate climates, where prepared fish is an extensive article o f food,
epidemics are less frequent and severe, than where either meat or fruits are
substituted. W e know that there are opinions entertained, based on the
assertions of eminent physicians, that fish is unwholesome in warm weather,
and they go so far as to attribute to fish several severe epidemics, and other
diseases. Some learned son o f Esculapius has attributed to fish the gene­
ration, or at least the propagation o f that dreadful plague, the Asiatic
cholera. This is not the first time that learning has gone completely astray,
and that science has lost itself in the labyrinths o f its own ignorance. Nor
is it anything new for the innocent to bear the punishment, while the real
criminal escapes entirely “ un whipped o f justice.” W e suppose the prohi­
bition refers rather to fresh than to preserved fish, but in either case we join
issue. These savans, we are invincibly persuaded, would subserve the public
health much better, in cholera seasons, by reversing their regimen— pre­
scribing fish, and interdicting roast beef and brandy. Fish, and especially
fresh fish, may not be at all times entirely wholesome, as is the case,
perhaps, with almost any article o f food ; with all, at least, formed of
animal matter. There are, very likely, at times diseases among the inhabit­
ants of the water, as well as among land animals. But fish have only
natural diseases, when they have any, that is, such as originate in purely
natural disturbances, never being superinduced or perpetuated by vicious
habits of living. They have no corrupted physical condition, whose taint
lures disease from every side, as carrion gathers the flocks o f prey. W h en
nature is disturbed in one o f her departments, the perturbation is soon ex­
tended, in some form, to a ll,; and when the ocean is therefore invaded by
disease, if it be not the fact, as is most likely, that the primal cau-e was in
violation o f her laws upon the earth, the latter will certainly participate the
infection. Especially, if it be true, as the theory has it, that these diseases
o f the oceanic population are due to electrical or magnetic affections, then is
it (ertain that a principle so pervading the entire globe, and so subtle in its
sei sibilities, will sympathize throughout its system in the agitation that
SC' ms to affect it in one part. If fish are sick of magnetic influences, how
shall the electric currents o f the earth and the air, in such perfect communi-




The Fisheries o f the United States.

417

cation with those o f the water, escape the unhealthy influence ? But sup­
pose the land does actually escape diseases that invade the water, it must be
as true on the other hand, that the water is exempt from others which
afflict the land and the creatures thereof. A nd on which side is the balance
likely to preponderate ? On one hand, we have a perfectly natural system
o f living; on the other an artificial, and in consequence, a corrupt system,
both with regard to man, and the animals whom he has forced to be particeps criminis in his violence to the laws o f nature. The balance o f the case
is plainly this— fish may have natural diseases to which land animals are
equally subject, to say the least, while the latter (i. e., those we use mostly
for food) have in addition, a class o f diseases that do not visit the former,
and which are the result o f domestication.
It is a fact worth mentioning here, that in New England the atmosphere
is found to be peculiarly wholesome in the vicinity o f the large yards where
the business o f drying fish is carried on. In Newburyport, where the writer
has resided— within his remembrance, a severe summer sickness that visited
the rest of the town, generally passed by that portion, quite as thickly settled,
where were located several large fish-yards, the health o f that quarter re­
maining good the whole season ; and eminent physicians there attributed
the escape to the very evident cause— a sanitory influence exerted upon the
atmosphere by the emanations from these yards. A great part o f this influ­
ence may have belonged to the salt rather than to the fish, hut still the
latter were not without their odor, distinguishable in spite o f the salt, to a
considerable distance ; and if the exhalation o f all the fishy juices into an
atmosphere breathed by so many on every side, was consistent with a state o f
isolated good health just within that atmosphere, it does not seem to prove
that the components o f the fishy matter are remarkably unwholesome. It may
be added, that the people within the district in question, although not en­
tirely ichthyophagous, made a larger part o f their food o f fish, both fresh and
prepared, than the people o f other parts o f the town.
But to return to the question we had in view in starting— the prospect o f
our markets f o r the fu tu re. A s we have said, if our fish are properly pre­
pared, we shall find people to eat them.
W ho these people are to be is
to be now our inquiry.
In the first place, let us look at home. More fish must be eaten in our
own country. W e are growing fast, and with the rapid multiplication of
mouths, additional substance will be needed to fill them. More fish should
be called for, by the new mouths, as well as more beef, corn, and potatoes.
But apart from the prospect o f increased numbers, the market at home is
not as large, with the present population and present circumstances, as it
should be. The class to which we will first allude are the laborers in our
cities and towns. These people are great consumers o f meat, principally
beef, and generally fancy that such substantial food is necessary to sustain
men at their hard labor. But the idea is fallacious. Continual use o f sti­
mulating food is injurious to the system, and especially in the summer sea­
son, when meat is, in any state, not particularly wholesome, and when ani­
mals are known to be peculiarly liable to humor and disease. It is not to
be wondered at that where flesh is a considerable article o f food, at this sea­
son, those malignant diseases, called summer complaints should be especially
prevalent. Light food is required in warm weather, and if men do not in
that season force themselves to the use o f stimulating viands, they will easily
adapt themselves to light substances. But it is certain their health will be
VOL. x v m .— n o . iv .
27




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The Fisheries o f the United States.

better at all seasons by varying their diet, substituting partially a weaker
food for the uniformly strong to which they are now so devoted. And by
usage, nature will be just as well satisfied in this way as the other. A great
number o f laboring men, o f course, will deny the correctness o f our argu­
ment, but there is a class, and a large class, too, who cannot fail to acknow­
ledge its validity. W e refer to the adopted citizens, natives of Ireland, Eng­
land, France, Germany, &c., men who are now among the most inveterate
beet-eaters o f the country, but who, in the old countries, were necessitated
to a much weaker d ie t; and who can remember that when meat was a rarity
to them, they were just as well able as now, provided they had a sufficiency
o f other food, to sustain hard labor. There are other reasons to recommend
the course we propose ; that is a vicious taste which continually craves one
kind of food. Taste is only propeily cultivated by the use o f a variety of
kinds, and the pleasure arising from a taste thus exercised is much greater
than that resulting from one perpetual stimulus. The change is again re­
commended by economy. Meat is already a dear article o f food, and with
the present rate of increase in population, and a continuance of the present
beef-consuming rage, the cost must be more and more enhanced ; the cer­
tain tendency o f this circumstance is a continual depression o f the working
population, o f which they must be as sensible as any. The remedy, o f
course, is in that substitution, partial or entire, which must eventually
happen of sheer necessity, if choice is delayed, o f some other food. W e hope,
with the spread o f intelligence, so rapidly increasing, to see our mechanics,
artisans, and laborers generally, correcting the abuses in their modes of
living which they have so long been subject to, and advice on which they
have so long disregarded. In the case o f their food, we W’ould recommend
to them all the use of fish in lieu of at least half o f their meat. Good quali­
ties of dried or pickled fish, properly prepared, with the accompaniments of
the ordinary dinner vegetables, will not, we venture to say, be long liable
to the charge of unsavoriness, or deficiency o f nutritive power. For break­
fast, too, a broiled fish is at any time better adapted than a beef-steak, how­
ever tender, and however pressing the invitations it conveys through the
olfactories; and for tea, a stripped dried pollock is in all respects preferable
to the daintiest bits of smoked beef.
W e don’t know why the advice we offer to the laborers is not quite as good
for those who are called, we suppose usually in a facetious way, “ the upper
class.” The charge o f over-eating is habitually made against them, and
though to a considerable extent true, implies not gluttony in the abstract,
but only over-indulgence as compared to their physical activity. N ow it is
certain that a plethora upon substances o f a light nature is much less inju­
rious to the digestive organs, and to the joint-systems generally, than a
plethora from heavy substances. Fish would commit less injury than roastbeef. To be sure, the rich have already their particular, few favorites in
the finny trit e, but they might enjoy, at least more often, real luxury in a
dish o f common broiled cod-fish and potatoes,a broiled mackerel, a fried bass,
or a smoked herring.
More fish might advantageously be eaten by our farmers. Beside diver­
sifying their food, it would extend the sale o f their own productions.
W h ile the market contiguous to the sea might thus be so widely en1 arged, there is another home field to which attention is especially due, and
which may be made to yield rich results. W e allude to the great W est.
The already great, and soon to become vast population of the Ohio and Mis­




The Fisheries o f the United States.

419

sissippi valleys are deeply concerned in every means by which their trade
with the East can be extended. The country does not yet afford a sufficient
market for the bountiful products o f their luxuriant soil, and they look in
vain for purchases abroad to take up their overplus. I f they will take the
fish o f the East, the East, in return, will be enabled to buy more o f their
produce. Pork, for instance, is an article o f universal consumption, an t
plentifully and cheaply raised in the W est. A m ong the different animal
meats consumed, pork, raised in the manner o f the Western article, is cer­
tainly much wholesomer than the mass o f meats, o f whatever kind, raised in
the Atlantic States. Let the Atlantic population, then, eat more Western
pork, and further diminish their consumption o f unwholesome dark-meats,
and we have thus a good market opened for our fish, where there is now
but an indifferent one— if there can be said to be any at all— one which may
be indefinitely extended too, and in return, shall have bettered and cheap­
ened our own living. In that great region a market may be created for our
fish which will enable us to disregard all rivalry without.
W e hope to see a good market growing up in California. For all the
population o f that magnificent State, and for the miners especially, nothing
can be better calculated as food, than fish. B eef and pork are poor food for
a climate like that, and we have no doubt, that the opinion o f eminent
physicians in that State is correct, that a great part o f the early mortality
among the miners and others, and particularly that form o f disease so fatal,
commencing with a scurvy, or with an overpowering lassitude, was the result
o f excessive use o f these articles. Fish and vegetables are the food best
adapted to that climate. The Pacific, o f course, is plentifully supplied with
the former, but in the present state of that region, the catching and cure o f
them, to any extent, will, likely, be neglected for a considerable time y e t ;
and, in the mean time, the market is open to our Eastern people. Only a
few have yet been sent, and most o f those not properly prepared: but it is
to be hoped attention will at once be turned to the subject.
But we are not yet necessitated to abandon our external markets. If the
reform suggested in regard to preparation is made, we can keep up the ex­
port heretofore made to the several hot countries, and can also teach others
in those climates, with whom we do now, or may hereafter have intercourse,
to eat and to call for American fish— for all the balance, perhaps, that we
and our provincial neighbors, jointly, can spare. There are not too many
fish in the sea for the use of the people o f the land, nor too many engaged
in taking them. Errors in the business, and political evils, are all that now
limit the market, and produce injurious competition. W ere Cuba relieved
o f the nightmare of Spanish tyranny, and mistress o f her own abused ener­
gies, she would become three-fold the customer she has ever been. It is not
our part to urge or desire our government to violate its treaty obligations, or
disregard the comity o f nations; and we do not forget also, the reason there
is for apprehension in an)' anticipation o f the independence o f Cuba, and the
probable effort that would follow to annex it to the United States, regard­
ing the peace of our own union. But, as an individual, we are not disposed,
from either consideration, to wish that Cuba may remain as she is. W e do
not feel called upon, on the grounds o f a mere uncertain prudence— in the
dread o f after consequences, o f which we can have no certain knowledge,
and the direction of which rests wholly with Providence— to stifle noble im ­
pulses— to sympathize with a great wrong, when we are no more certain,
that the timid prudence which suggests such a course, may not be over­




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The Fisheries o f the United States.

whelmed with horror at unimagined ills, the result o f perpetuating that
wrong. Let us not think our liberty and our privileges are to be secured
by the deprivation o f theirs to others. W e hope to see Cuba soon freed—
and instead o f evil therefrom, hope also, that one form o f the benefit to
us may be seen in a vastly augmented Commerce between her and this
Union.
Anything which benefits the condition o f Hayti— and we do not know
when or how that is to happen, but look for it in the progress o f things—
will prove o f great benefit to our fishing interest, and as well to our com­
mercial interest generally. A n d so o f the W est India Islands at large.
As to the French colonies, there is no chance o f reopening their markets,
now wholly closed to us, while France so rigorously guards her own
interest.
The South American Atlantic States, are, we hope, gradually improving
their political, and in consequence, their general condition ; if so, o f course,
an extension o f commercial relations with this country will be the conse­
quence. The slaves o f Brazil might as well be fed on our fish as those of
the W est Indies. To Guiana and Grenada, especially, we may look for a
growing export.
A few shipments have been made to the Western South American States
and the Pacific Islands, and we may find a little custom there for a time ;
but it is not likely any permanent market will be established in that region,
any more than in California. The contact o f the indolence o f that quarter
with Yankee energy, which we can see is to be so close, will awaken the P a­
cific population, and one marked result o f the impression made by the contact,
joined with the directing power o f circumstances, will be to turn their atten­
tion to the ocean. They are to be commercial communities, and when such,
the neglected wealth o f their ocean, itself, will not much longer escape their
attention.
A few shipments have also reached the Cape o f Good H ope and the
British East Indies. Should the increasing liberality o f British policy, or
events beyond the control o f that policy, give us full entrance to those mar­
kets, we should probably have no rivalry in them, as our provincial friends
have not the advantage o f our world-wide Commerce, and it might be many
years before the competition would pursue us to the Indian seas. It is only
among the British population o f those regions, however, that we could look
for consumers. The natives are too indolent, and too well supplied by the
unequalled nature that pours out there such abundance and variety o f
wealth, to put themselves to any trouble for the exchange o f an article they
would probably little relish, or little conceive themselves to need.
But China is the region, o f all Asia and of all the eastern continent, where
we hope to see the largest market established. Every res.ource o f that great
empire, it is well known, is already taxed highly for the support o f its im­
mense population. The fisheries on its shores are by no means neglected.
But while China has not enough, or at least no surplus, o f real substantial
ood, she has superfluities o f another kind. She has teas, more than are
needed for all Chinamen who wish to indulge in the national beverage, and
more than she has yet sent abroad. Here’s fish for your teas, and let us
have them in such plenty that their cheapness will stop the business o f the
murderous tea-manufacturers in the metropolis o f our great commercial re­
lation, and improve the dwindling chances o f life in that country and our
own. W e see no reason, at least, why the orientals may not be induced to




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The Fisheries o f the United States.

eat large quantities o f Yankee fish, if not as the substitute entire, at least in
alternation with bird’s nests soup and puppy pies, and thus to preserve to
themselves an occasional indulgence, if no more, in those luxuries which the
unexampled increase o f Chinese population, and, possibly, the too free indul­
gence o f her mandarins, officials, and nobility, must have already rendered
scarce; and which, without proper precautionary measures, may speedily
pass away to be remembered only among the traditions o f the golden era of
Oriental eupepsy.
CHAPTER XI.
R E L A T I O N OF F I S H E R IE S T O T I I E

P R O S P E R IT Y OF N E W

E N G L A N D — C H A R A C T E R OF O U R

— s o c ia l p o s it io n — T a l l e y r a n d ’ s l ib e l

on

t h e m

r e f u t e d

F IS H E R M E N

.

There is hardly an individual who has not obtained, in some way, an in­
definite idea that our fisheries are o f some sort o f consequence ; but the pre­
cise degree o f importance attaching to them, and the constituents o f this
weight, are not familiar to many persons out o f the fishing districts. One
reason, as we have before said, is the quiet, self-relying habits o f the fisher­
men themselves, who are content to work out their own fortunes with their
own thews and muscles, without waiting for the beneficent action o f govern­
ments, or spreading out their concerns before the public.
The fisheries were, as we have noticed, a great staple o f our early trade,
both foreign and domestic, and they continue to this day, as our tables show,
to furnish no mean item to our gigantic Commerce, in both departments.
It was the fisheries that gave the first impetus to the ship-building business,
and it supports now many small yards on the banks o f the eastern rivers.
They have encouraged a thousand manufactures and forms o f business ne­
cessarily connected, either directly with them, or indirectly, through some
other occupation supported by them. Almost every trade and occupation
in New England has owed something, either in its establishment or enlarge­
ment, to the fisheries, and they have not at any time ceased to feel the in­
fluence exerted upon them through the good or ill success o f that interest.
The fisheries have contributed, far beyond the ideas o f almost every one, to
produce that beautiful, systematic, and harmonious diversity o f occupation
which so distinguishes new England, to which she owes so much o f the en­
larged and happy results of her industry— which has so incalculably
advanced her civilization, her freedom, her intelligence, her humanity— and
which has challenged the admiration o f visitants from every part o f the en­
lightened world. The fisheries have created whole towns in New England,
and towns of no mean name in the country at largo, and have aided in the
building o f her cities. Her Lowell, her Manchester, her Providence, and her
other manufacturing depots, as well as her splendid metropolis, drew a part
o f the capital that erected them from barrels as well as bales ; and the wealth
o f her Lawrences, her Perkinses, her Brookses, and her Appletons, although
these individuals may never have owned a fishing-craft, or bought or sold a
quintal of fish, is not without an odor o f pickle.
But in addition to furnishing an important item to Commerce, our fisheries
are also the nursery in which are produced the most efficient seamen to
carry on that Commerce. The merchant service draws a large part of its
best mariners from the fisheries. N o better, no hardier, more capable, in­
dustrious, cheerful seamen, are found, than those who have passed an




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The Fisheries o f the United States.

apprenticeship in the fishing business. The school is in continual operation
— the green hands constantly entering to take the place o f those who have
gone from them on board o f merchantmen. In fact, a very large portion o f
those regularly employed as fishermen in the proper season, are engaged
during the winter, sometimes with the same vessels used in the summer, in
the coasting trade, running from Massachusetts to Maine, and from either of
these places to New York, Philadelphia, Charleston, New Orleans, and to
, the W est Indies. Some o f the fishing graduates find their way, even in time
o f peace, on board the national vessels ; but these are few, the greater part
o f them having more energy and a better business than is to be supposed of
seamen attached to the naval service in time o f peace. In case of war, how­
ever, they are always ready to fill the navy, and are soon perfectly at home,
in that new sphere, acquainted with every rope, familiar with every particu­
lar o f service, and fearless of every danger.
There are many who suppose that fishermen, as a class, are a poor, reck­
less, and ignorant set o f people, who gain a bare subsistence by their toil,
which is so hard as to brutalize, and so incessant as to leave no time for the
acquisition o f knowledge, intercourse with the world, or even for learning
the practice of the ordinary amenities o f life. This opinion arises, probably,
in the first place, from what has been said, and very correctly, by travelers
and others, regarding the fishing communities o f some parts o f Europe, and
o f other places ; in a limited degree, the opinion may also be true of some
small fishing settlements in our own country. But these, besides being very
few and insignificant, as regards their relation to the whole body of fisher­
men, owe their position to peculiar circumstances o f situation. W hen found
at all, it is on some island, placed almost out o f reach o f intercourse with the
main land, almost incapable o f sustaining vegetable life, perhaps a mere
rock, or on a strand whose inhospitality drives civilized life to a respectable
distance— in such cases, men may be found, depending on the ocean, for
almost their whole support, and that a humble o n e ; rough and illiterate,
too, but yet honest and manly, and dignified with traits that would dishonor
character in no class o f life.
But with the mass o f our fishermen, the case is widely different from this.
Their pursuit is, in the first place, one irrespective o f the immediate neces­
sity o f food . Fish are not sought for their own and immediate subsistence,
any more than every chapeau turned off by the hatter is made solely for the
necessities o f his own cranium. The fisherman has his market, like the rest,
and a large one, too, and the profits o f his vocation, to say the least, are as
g ood in the average as those o f the generality o f other trades. H e has as
much variety in his food, therefore, wears as good holiday clothes, has as
good a house, and enjoys much o f the comforts and the luxuries as well— of
life— as his neighbors. H e reads his newspapers, his books, and takes as
much interest as others in the general course o f affairs. H e has a fair un­
derstanding o f local politics, has his opinion regarding the measures o f the
national administration, and the theories o f the leading parties, and throws
an independent vote. Set among the most intelligent o f the laboring class,
(with whom, indeed, he freely mixes,) he is their equal, feels himself so, and
must be so recognized, since no difference is perceptible. Or, if there is any
difference to be observed, the fisherman, seeing more o f the physical world,
and having his disposition to see, inquire, and inform himself) stimulated by
the nature o f his business, acquires a more intelligent, a more free, open, gen
erous disposition— a better balanced mind than his neighbor who is pinned




The Fisheries o f the United States.

423

to a small locality, where he has no change o f scene ; and especially if the
work-place be bounded in by brick walls that make him almost a stranger
to the light and air of day. These conditions o f mind, joined with a well
developed body, (the natural result o f a healthful occupation,) are certainly
no mean advantages. They are connected with, and would lead us to look
for the development o f many o f the best qualities o f human nature. Such
meu are naturally benevolent, active, enterprising, ambitious, emulative,
keenly sensitive to honor and disgrace. They make good citizens, good
neighbors, good sailors, are clever in many ways out o f their profession, and
are, finally, fit men for any enterprise requiring skill, daring, and intelli­
gence.
The towns in which the fishermen form the preponderating part o f the popu­
lation compare favorably with other towns and villages. If the houses are not
elegant, they are neat, substantial and comfortable. They are quiet and orderly,
with the help o f very little police regulation. As regards crime, their statis­
tics would show much less than in other towns o f the same population. If
not fanatic in religion, they are commendable in morals, respectful o f reli­
gious institutions and observances, and as heedful as most classes in regard
to spiritual concerns. They have their fair proportion o f churches, maintain
good schools, and support charitable and other societies. Their municipal
affairs are well administered, and they are at no loss for good men to sit as
jurors, to act as moderators o f public meetings, to serve as county officers,
or to send as their representatives to the august “ Great and General
Court.”
Talleyrand, who once made a hasty trip over some parts o f the country,
many years ago, stopping nowhere long enough to get a fair view o f any­
thing, undertook, in a little book which he published on his return, to give
the world his impressions of America. In this volume which might pro­
perly have been entitled “ Midnight Glimpses o f America and the Americans,
he caricatures two classes, the fishermen and the Western settler, in attempt­
ing to describe the vices o f men he had never seen. H e coolly pretended to
have observed in the fishermen a lack of patriotism— a total absence o f the
sentiment attaching men to their country— -disregard to all its rights and in­
terests, and perfect indifference to the form and administration o f the g o ­
vernment. Now, the very reason which the veracious diplomat assigns for
this unhappy disposition— the only attempt he makes to give a physical fact
in the case— -exposes his utter ignorance o f the men, and the condition o f the
men, whose portrait he professed to be drawing. The reason o f their stoic
indifference to the form and personnel o f their government, was, because
they escaped the fate of other subjects, whoever ruled, and however. Passing
the greater part o f their lives out at sea, in their small boats, and coming
ashore only to make brief stops, the ocean, Monsieur Talleyrand sagely dis­
covered, was more their home than the land. A ll their hopes, sympathies,
and desires were there, and they had no superfluous anxieties to waste re­
specting the management of affairs upon an element in which they had so
little concern. Cradled on the billow, housed on the foam, why should they
regard the land, and the things o f the land, any more than their piscatory
brethren in the sea ? Probably M. Talleyrand would have expected as soon
to hear o f the sea-serpent sitting on a rock, and reading the morning news,
or of the arrival o f a delegation o f mermen to inquire the health o f the Se­
cretary o f the Navy, as to have heard a fisherman talking about the proceed­
ings o f Congress ; or knowing what was meant by Jay’s Treaty, or Wash­




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Commercial Cities and Towns o f the United States.

ington’s Proclamation o f Neutrality. Had lie allowed them any interest in
politics at all, he would, doubtless, have referred it to the court and cabinet
o f Neptune ; hut such ignorant beings could not know anything o f classic
mythology, farther than one or two odd tales o f the sea were connected with
it, and therefore they were set down as men of no country, no politics, no
law, no religion— they did not rise to the dignity o f cosmopolites, and were
hut a series o f irreducible human negatives.
M. Talleyrand’s book, in what regards fishermen, might not have been
at all a fiction had it been written o f France. W h at he describes, we can
well believe— indeed we think there can he no doubt— he either heard o f or
saw at home. His facts were true— the error was in misapplying them— in
unwarrantably concluding that what fishermen were in one place, they were
in all places.
The habits which M. de Talleyrand transfers from the denizens o f the B ay
o f Biscay, and the G u lf o f Lyons, to the inhabitants o f the Cape Cod and
Marblehead shore, are not more foreign to the real life of the latter, than the
effect derived from these habits are from anything in their character. The
American fisherman is eminently patriotic— no man in the Republic is
more intensely national; his profession, although he does not live on the
sea, does, it is true, engender a feeling of honest, manly independence— but
one that stimulates, instead o f weakening his devotion to his country. O f
that country, no man, living between his own unproductive sands and the
auriferous ones of California, is more proud— no man feels more keenly a
tarnish upon its honor— none has a quicker spirit to resent an insult offered
it. Let the country be at war, and no class are more ready to peril their
lives, by sea or land, in its defence ; and the experieiyco of the war o f 1 8 1 2 15, justifies us in saying, none are its more efficient defenders.

Art. III.— COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.
NUM BER X X X I.

CHICAGO: ITS TRADE AND GROWTH IN 1851.
W e have more than once endeavored, in the pages o f the Merchants'
Magazine, to do justice to the commercial capital o f Illinois; but it would
really require almost a monthly bulletin o f “ facts and figures” to keep up
with the growth o f Chicago, in population, in Commerce, and in wealth.
O f that interesting group o f Lake Cities— that young and vigorous growth
o f Western marts— which are becoming the centers o f Western trade and
manufactures, Chicago seems destined to take the first place— the “ first
among equals.” The largest o f these lake ports are Chicago, Detroit, Milwaukie, Cleveland, Monroe, Sandusky, and Toledo. They are all outlets of
the grain region o f the W est, all points of import from the East, all growing
with wonderful rapidity— which has become so much a matter of course,
that the most surprising thing about it is that it almost fails to excite any
wonder. Nothing less than a miracle of growth, such as that o f Chicago, is
sufficient to excite any special emotion in an American bosom, which li as
learned from daily experience o f such things the practical philosophy “ n ot
to admire.”




Chicago: Its Trade and Growth in 1851 .

425

W hen, in 1830, General Scott visited the military post at Fort Dearborn,
at the mouth o f the Chicago River, on Lake Michigan, the little hamlet
numbered, including the garrison, about two hundred inhabitants.
Six years afterward there were 456 arrivals at Chicago, which were equal
to 60,000 tons, and in 1837 its population was 8,000, with 120 stores, (of
which 20 were wholesale,) 30 physicians, and 50 lawyers.
About live years ago a convention met at Chicago to further that policy of
improvement o f Western navigation to which the city may be said literally
to owe its very existence. For it was on the representations o f General Scott,
made to Congress after his visit to Fort Dearborn in 1830, that the first ap­
propriations were made for the improvement o f its harbor by the erection of
piers. H ow indispensable, how imperatively demanded by the interests of
Western agriculture as well as trade, this policy was and is, is pretty plainly
shown by the growth o f Chicago, which sprung forward as a racehorse from
the stand, the instant that measure o f aid was given by Congress.
W hen, in July, 1847, this River and Harbor Convention met at Chicago,
it contained, in round numbers, 17,000 inhabitants.
W hen, in 1848, we gave a sketch of the history and growth o f Chicago,
in the February number o f the Merchants' Magazine * the city numbered

20 ,000 .

On the 1st of January, 1852, its population is estimated at 40,000.
In a late number o f this work,) the statistics of the growth o f towns in
the United States were analyzed with much ability, with a view to establish
the law' or period o f their duplication. The writer starts with the proposi­
tion, that “ within one hundred years, the largest city o f our country will be
in the great valley embraced by the basins o f the St. Lawrence and the
Mississippi,” and he closes with placing on permanent record, in the M er­
chants' Magazine, the prediction, that within a hundred years “ Cincinnati,
Chicago, St. Louis, and Toledo, will be the four largest cities in America.”
W e may admit that, within the period mentioned, the bulk o f our popula­
tion will be in the West, but we think the writer loses sight of some o f the
most important influences which determine the population o f cities, when he
supposes than the one great center o f city population will be elsewhere than
on the Atlantic. The equilibrium o f trade and civilization, not in America
alone, but in the whole world, has got to be altered to produce a different
result. The one point o f densest population in a country with large foreign
Commerce, will always be where the foreign product coming in meets and is
exchanged with the domestic product going out. In the article referred to,
tables are given showing the average time o f duplication of a large number
o f towns in periods o f ten years. The period for Chicago is four years,
being, with that o f Manchester, N. H., the shortest period o f any town
(Milwaukie excepted, whose period is three years) in the United States.
The interesting review of the trade and growth o f Chicago, which we
now lay before our readers, and which we take from the Chicago Tribune,
which ably represents the interests o f that city through the press, strikingly
confirms these tables, and almost justifies this prediction. For three years
past the Chicago Tribune has published annual statements o f this kind,
and similar to those o f the Commerce o f St. Louis and Baltimore, which we
recently republished. The republication o f these reviews in a form which
gives them permanence, for future reference and comparison, making them
* V ol. xviii., p. 164.




t Merck. Marr.N ot . 1851, p. 559.

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Commercial Cities and Towns o f the United States.

the marks and mile-posts o f our material progress, has been received with
such wide and general approbation, that we shall continue to give them,
whenever they can be obtained in a reliable form, although pressed for
space for other interesting matter in our crowded pages.
It is to be regretted that statistics o f the Commerce o f all our cities are
not collected more carefully and systematically. W e know o f no more ap­
propriate field o f activity for local boards or Chambers o f Commerce. Mean­
while, the enterprise o f some o f our leading commercial journals (as we have
seen) is doing much to supply this want.
A few years hence some one of the 100,000 people o f Chicago will find,
perhaps, in the fiftieth volume o f the Merchants’ Magazine, some reference
to these remarks, and looking back to this article, will smile at a growth o f
20,000 in four years, as something that may have been unprecedented then,
but was nothing w'onderful in his day. The following review is interesting
as exhibiting the growth not only o f Chicago, but o f Illinois, o f which it is
the great port o f import as well as export. The fact that in 1851, over
125,000,000 boards, 60,000,000 shingles, and nearly 350,000,000 pounds
o f iron, were imported into Illinois, is significant o f the rapid multiplication
o f buillings throughout the State, and to the imagination o f a Political
Economist, at once calls up the owners o f comfortable dwellings and capa­
cious barns, o f fields inclosed and brought into cultivation, and o f forests
subdued.
ANNUAL REVIEW OF THE COMMERCE OF CHICAGO FOR THE TEAR

1851.

Up to the year 1836, provisions for domestic consumption were imported along
with articles o f merchandise; and indeed many articles o f necessary food con­
tinued to be brought in for several years later. In 1836 there w7ere exported
from the port o f Chicago, articles o f produce o f the value of $1,000 64. W e
have felt a great curiosity to know what articles constituted this first year’s busi­
ness, but have sought in vain for any other record save that which gives the
value. The next year, the exports had increased to $11,065; and in 1838 they
had reached the sum o f $16,044 75. In 1839 they more than doubled the year
previous, while in 1840 they had increased to what was then doubtless regarded
as the very large sum o f $228,635 741 This was progressing at a ratio very
seldom equalled in the history of cities, and must have caused no'little exhilar­
ation among the business men o f Chicago, as well as advanced the views of
fortunate holders o f water and corner lots.
W e are informed in Judge Thomas’s report that a “ small lot o f beef was
shipped from Chicago as early as 1833, and was followed each successive year by
a small consignment o f this article, and also o f pork.” Some idea o f the extent
o f the first consignment may be formed from the fact that three years after, the
total exports o f the place were valued at $1,000 64. It was truly a small begining, and gave but a slight promise o f the great extent to which, as the sequel
will show, this branch o f business has grown. The same authority informs us
that the first shipment o f wheat from this port was made in the year 1839. In
1842 the amount shipped reached 586,907 bushels, and in 1848, 2,160,000 bush­
els were shipped out of the port o f Chicago. Since that period there has been
a material falling oflf in the annual exports o f wheat, owing to a partial failure
o f the crop each succeeding year, and from the fact that farmers are paying more
attention to other products.
W e subjoin a table o f the value o f imports and exports from 1836 to 1848
inclusive:—




Chicago: Its Trade and Growth in 1851 .
Years.

1836 ___
1837 ___
1838 ___
1839 ___
1840 ___
1 8 4 1 ___
1842 ___

Imports.
$326,203 90
373,677 12
679,174 61
630,980 26
662,106 20
664,347 88
664,347 88

Exports.
$1,000 64
11,665 00
16,044 75
83,843 00
228,635 74
348,862 24
659,305 20

Years.
1843 . . . .
1844 . . . .
1845 . . . .
1846 . . . .
1847 . . . .
1848 . . .

Imports.
$971,849
1,686,416
2,043,445
2,027,150
2,641,852
8,338,639

75
00
73
00
52
86

427
Exports.
$682,210 85
785,504 23
1,543,519 85
1,813,468 00
2,296,299 00
10,709,333 40

The increase o f imports and exports in 1848 over those o f 1847 was not as
great as appears from the above figures. The prices at which various articles
for the latter year were estimated, are altogether too large. For example— the
exports o f wheat amounted to 2,160,000 bushels, and its value is set down at
$2,095,000, almost $1 00 per bushel. A truer average of the value o f spring
and winter wheat, for that year, would have been about 60 or 65c. per bushel.
Again— the valuation o f machinery, turned out by our manufacturers that year,
ie put down at $1,060,262 ; that o f furniture at $649,326 ; o f wagons at $302,104.
When we take into consideration the increase which has taken place in each o f
the above branches o f manufacture in our city, since 1848, and compare these
figures for that year with those for 1851, which will be found under their appro­
priate head in this article, the conclusion must be inevitable that the former
were overrated.
While an analysis of the statement for 1848, which, by the way, was gotten
up hurriedly, under the supervision o f the Board o f Trade, reveals facts o f this
character, that o f 1847, prepared by Judge Thomas, is evidently short o f the
truth, as he conclusively shows in his pamphlet, owing to the impossibility o f
obtaining full reports of several branches o f business. This much in expla­
nation o f an apparent increase, the magnitude o f which would be likely to induce
distrust as to its entire accuracy.
W e have not attempted to estimate the total annual amount o f our Commerce,
since the year 1848, preferring to give, as far as it was possible to obtain accurate
information, the amount o f each specified article which enters into it. It is not
out o f place, however, to state that the increase in value, during the last three
years, has been in a ratio fully equal to that o f any like previous period.
While speaking o f the progress o f Chicago in respect to the extent o f her
Commerce, we desire also to call attention to her rapid, almost unexampled, in­
crease of population. In 1837, at the first municipal election, the vote for Mayor
stood as follow s: for W . B. Ogden, 470 ; for J. H. Kinzie, 233 ; total vote in
1837, 703.
At the municipal election, March 1851, the following is the vote castfor Mayor:
for S. W . Gurnee, 2,032; for J. Curtiss, 1,051; for E. B. Williams, 1,089; for
J. Rogers, 230; total vote in 1851, 4,402.
The first census returns o f the city which we have been able to procure are
for the year 1840. In the years 1841,1842,1844, and 1851, no census was taken.
The following are the returns for the other years:—
1840........ .
1843........ .

4,479 1 1 8 4 5 ......
7,580 | 1846___ . .

12,088 1 1 8 4 7 ..... .
14,169 | 1 8 4 8 ...,. .

16,859 1 1849___ . .
20,023 | 1850___ . .

23,047
28,269

The census o f 1850 was taken by the U. S. Marshal, on the first day o f June,
and shows an increase from August o f the previous year, of 5,222. If the ratio
o f increase has not fallen off since then— and our best informed citizens are of
opinion that it has increased— the population o f Chicago on the 1st day o f Jan­
uary 1852, was a little over 40,000.
Take another view o f the progress o f the city. In 1839 the total valuation o f
property in Chicago was $236,842. In 1851 the books o f the Assessor show a
valuation o f $8,562,717, of which $6,804,262 was real estate.
From this slight survey o f the past history o f Chicago, the reader will turn
with interest to the details o f its Commerce for the year 1851, which we now
proceed to give:—
The internal Commerce o f Chicago is conducted through the agency o f eight




428

Commercial Cities and Towns o f the United States.

bankers and dealers in exchange, one hundred and nine wholesale, forwarding,
commission, and produce houses, and fifty-four lumber dealers.
F lour— The total amount of flour handled at this place during the year 1851,
was 111,983 barrels, and was received from the following sources:—
By Chicago and Galena Railroad........................... .......... bbls.
By la k e...................................................................
By canal.................................................................
Manufactured in the city..........................................

39,203
6,630
5,819
60,331

T ota l...............................................................

111,983

The shipments were as follows :—
To Buffalo...............................................................
To Oedensburg.......................................................
To Dunkirk..............................................................
To Canada...............................................................
To lumber country and coastwise...........................
By canal.................................................................

54,889
3,642
238
20
12,934
683
72,406

T ota l..............................................................

The shipments o f flour from this port, for a series o f years, were as follow s:—
Years.

Bbls.

Years.

Bbls.

Years.

Bbls.

Bbls.

Years.

1844
.................
6,320 1 1846........ 28,045 1 1848.......
45,200 1 1850. ___
1845....... 13,752 | 1841____ 32|538 | 1849........ 51,309 1 1851. ___

100,871
72,406

In 1850 it will be remembered that, in consequence o f the short crop south
o f Chicago, prices o f wheat and flour ruled very high in St. Louis, and that a
considerable portion o f the stock in hands of dealers in Chicago, on the opening
o f navigation, was shipped to that destination. O f the shipments o f flour in 1850,
66,432 barrels were by lake, and 34,439 barrels by canal.
During the year 1851, prices were very uniform, as will be seen by the follow­
ing table o f quotations, on the first o f each month. The lower figures are for
inferior country, and the higher are for best city brands:—
January.. . . $2 75 a4
February..
2 75 4
March . . . . . 3 00 6
April......... . 3 00 4

50
50
00
50

May.......... . . ?3 00 a 4
June........ . . 3 00 4
4
J u ly ........
August .. .. 2 25 4

25
25
25
25

September.
October__
November .
December .

$2
2
2
2

25 a 4 25
25 3 75
25 3 75
25 3 75

W heat .— W e have already stated that in consequence o f partial failures of
the wheat crop, since 1848, and from the fact that our farmers a^e paying more
attention to other products, this branch o f the produce trade o f Chicago has ma­
terially fallen off. Our figures for 1851, will show that that year was not an ex­
ception in this respect. The following will show the amount o f wheat received
during the year, and the several sources o f supply:—
From teams................................................................... bushels
From Galena and Chicago Railroad........................................
From canal...............................................................................
From lake.................................................................................

379,753
214,020
67,972
26,084

T ota l.................................................................................

147,829

The shipments of the year foot up as follows :—
To Buffalo..................................................................... bushels
To Oswego...............................................................................
To Canada.................................................................................
To Ogdensburg.........................................................................
Other ports...............................................................................

298,000
100,000
17,320
3,000
9,500

T otal.................................................................................

427,820

It will be seen from the above figures that only 67,972 bushels o f wheat ar­




Chicago: Its Trade and Growth'in 1851 .

429

rived by canal, the greater part o f which amount was from points on the canal.
Perhaps not more than 20,000 bushels came through from the Illinois River.
Throughout the season, prices ruled too high in St. Louis for Chicago operators
to compete with dealers from that market. The little that came through was
for the mills of the city, and was taken at a price that shippers could not afford
to pay. 964,134 bushels were shipped during the season from the Illinois River to
St. Louis. The year previous 95,193 bushels were shipped from Chicago to St.
Louis: while in 1849 about 500,000 bushels came through from the Illinois River
to Chicago. These facts show that the grain trade o f that river will come to
Chicago or go to St. Louis, as prices may rule relatively high at the North or
South; and since a single penny per bushel may be sufficient, when there is
nearly an equipoise between the two, to turn the scale either way, the whole
subject commends itself forcibly to those who have the power o f regulating tolls
upon the Illinois and Michigan Canal.
The following table shows the range o f winter and spring wheat in this market, on the first o f each month during the year:—
Months.

January..........
February___ ........
March............ ........
April.............. ........
May................ ........
J une ............ ........

Winter.

Spring.

58
59
65
58
60

50 a 60
50 57
53 58
51 56
50 55
42 58

72
71
67
70
72

Months.

July................
August.......... ........
September. . . ........
October.........
November___ ........
December__ _ ........

Winter.

65 77
62J 73
50
50

85
66

Spring.

41 a 52
33 41
30 50
30 44
30 50
30 45

The highest figures, both for winter and spring wheat, were only paid for very
superior samples by the mills.
The following table shows the shipments o f wheat from the port o f Chicago,
for ten years:—
1842 ....................... bushels
586,901 1847 ....................... bushels
1,974,304
1843 ...................................
628,967 1848 ...................................
2,160,000
1844 ...................................
891,894 1849 ...................................
1,936,264
1845 .............................
956,860 1850 ...................................
883,644
1846 ...................................
1,459,594 1851 ...................................
427,820
W e have already assigned two reasons for the falling off in shipments o f
wheat from Chicago, since 1848. There is yet another cause, which especially
contributed to this result during the last year. 1850 was a season o f unusually
high prices in breadstuffs; and 1851 was one o f extremely low prices. Pro­
ducers, stimulated by the high prices o f the former year, were not prepared for
the revulsion in prices which occurred in the latter, and consequently less was
marketed, more was consumed in the country, and more remains over in first
hands, than would have been the case had the prices o f 1851 at all approximated
those o f 1850.
C orn. In this article o f export, Chicago stands far ahead o f every other lake
city west o f Buffalo. O f the entire quantity received at the last named place
(5,988,775 bushels) during the year 1851, 2,957,303 bushels were from Chicago.
The following table shows the receipts for the year and the sources of
supply:—
2,352,362
Received from canal. ............................................................... bushels
Received from Galena and Chicago Railroad.......................................
295,103
Received from teams.............................................................................
688,852
Total...........................................................................................

3,336,317

It will be seen that more than two-thirds o f the entire amount was received
by canal, a very large proportion of which (probably 2,000,000 bushels) was from
the Illinois River. The superior facilities which we enjoy for receiving and for­
warding grain, the less expense o f storage, reshipment and commissions, com­
pared with St. Louis, gives us quite an advantage over the latter market, in com­
peting for the grain trade o f the Illinois River. Although during a portion o f
the year corn ruled a shade higher in St. Louis than in Chicago, nevertheless




430

Commercial Cities and Towns o f the United States.

the result shows that a little more than two-thirds o f the surplus on the river
came to our market. The entire receipts o f the year at St. Louis were 1,840,909
bushels, over half of which, we estimate, was from the Illinois River. A reduc­
tion o f tolls, equivalent to one-tenth of a mill per mile, or one cent per bushel,
for the entire length o f the canal, would have doubtless brought a very large pro­
portion o f the additional 900,000 bushels to our market. For the purpose of
bringing this subject more particularly to the attention o f the canal trustees, and
our business men, we subjoin a statement o f the monthly price of corn, during
the year, in the two markets.
Months.

Chicago.

January........ -cts. 34 a 35
February ____ ___ 35 36
March............
April.............. ___ 36 36|
May............... ___ 35 36
June..............

St. Louis.

44 a 48
41 46
35 40
35 40
34 38
33 36

Months.

July................
August..........
September. . . ___
October..........
November. . . . ___
December.. . .

St. Louis.

Chicago.

35
30

36^
32
364
31
32J
30

38 a 43
35 40
35 38
35' 40
31 36
36 40

The figures for the Chicago market indicate the price o f corn, in bulk, deliv­
ered on board vessels for shipment, which delivery costs the seller from half to
one cent per bushel; those for St. Louis, show the rates, in gunny bags, deliv­
ered in store by the seller.
The following table shows the shipments from Chicago during the year, and
the amount to each destination.
Shipped to Buffalo.................................................... bushels
Shipped to Oswego................................................................
Shipped to Canada................................................................
Shipped to Ogdensburg ......................................................
Shipped to lumber country and other ports..........................

2,915,303
161,314
42,643
21,601
26,460

Total...............................................................................

3,221,311

The following table shows the shipments for a series of years:—
1841........................... bush.
1848.....................................
1849.....................................

61,315 1850 ............................bush.
550,460 1851.....................................
644,848

262,013
3,221,311

O ats . Our figures show a fair increase over previous years, in the article of
oats. During the first half o f the year, under the effect o f a good export de­
mand, prices ruled high, and the article was eagerly sought after. In July the
market began to give way, and the downward tendency continued until the close
o f the year, at which time they brought but very little more than half the sum
per bushel, that was readily paid at the beginning o f the year. This fact materi­
ally checked receipts, and our tables consequently present a smaller quantity in
the aggregate business o f the year, than would have been the case had prices re­
mained firm. The following shows the amount which came forward:—
Received by canal............................................................. bush.
Received by Galena and Chicago Railroad.............................
Received by teams....................................................................

184,293
152,835
321,699

T ota l.................................................................................

665,821

The shipments were as follows:—
To Buffalo......................................................................... bush.
To lumber country and other ports.........................................
To Canada.................................................................................
By canal...................................................................................

680,693
24,616
350
108

Total shipments.................................................................

605,821

The following table shows the prices which were paid on the first o f each
month, throughout the year:—




/
Chicago: Its Trade and Growth in 1851 .

January...
February .. ........
March.........
April..........

M ay..........
June...........
July..........
August___

431

28 a 29
September .. . 18 a 19
30 32
October.......... . 17 19
25 26
November. . . . 16 18
25 25* December.. . . . 16 16*
The shipments of oats from this port, for a series of years, have been as follows :—
29

Bushels............

30
30
29

..
..
..
..

1847 .

1848 .

1849.

1850.

1851.

38,892

65,280

26,849

158,054

605,827

B arley . This grain has not heretofere entered very extensively into onr
market, though we think our farmers would consult their interest by engaging
more generally in its cultivation. The business of the year foots up as follows :
Received by railroad...................................................... bushels
Received by lake.........................................................................
Received by teams (estimated)..................................................
Received by canal.....................................................................

23,518
12,231
10,000
262

Total receipts.....................................................................
The shipments were as follows:—
Shipped by canal ..........................................................bushels
Shipped by lake..........................................................................

46,011

Total shipments.................................................................

11,460
8,537
19,997

The remainder is either in store or has been consumed by the city breweries.
Prices have been low throughout the season, ranging at the close, at 29 a 32c.
per bushel o f 48 pounds.
The shipments o f Barley for three years have been as follow s:—
South....................... bushels
L a k e ...................................

1849.

1850.

1851.

31,453
........

21,912
960

11,460
8,537

B eef . Chicago has become famous, the world over, for the quantity and ex­
cellent quality o f beef which it annually sends to the markets o f the Eastern
States, and o f Europe. In Liverpool, London, New York, Boston and New Bed­
ford, the brands o f Chicago packers always command the very top o f the market,
and are sought in preference to all others. This popularity is unquestionably
owing both to the well known sweetness of prairie-fatted beef, and to the great
care which is taken in curing and packing. The amount o f capital employed in
this business in our city, is very little, if any, short o f one million o f dollars.
During the season of slaughtering and packing, some five hundred men are di­
rectly employed in the business, and many others indirectiy, in the manufacture
o f barrels, rendering o f tallow, etc.
Last fall, during the progress o f slaughtering operations, we published an es­
timate o f the number o f cattle that would be packed in the city through the sea­
son, given to us by the parties themselves. From a variety o f causes— such as
.he panic which occurred in the money markets o f New York and Boston, the
sudden stoppage o f one o f the packing houses, and the scarcity o f cattle in the
country— the result fell considerably short o f the figures which we then gave.
The following is a corrected statement, obtained after the close o f the season,
and, with the exception o f those slaughtered at Clybourn’s, which are estimated,
may be regarded as strictly accurate:—

Slaughtered and packed at G. S. Hubbard’s........................................
Ditto at R. M. Hough & Co.’s .............................................................. .
Ditto at Reynold’s ...............................................................................
Ditto at S. Marsh’s.................................................................................
Ditto at T. Dyer & Co.’s.......................................................................
Ditto at Tobey & Mahers’ .....................................................................
Ditto at Clybourn’s ................................................................................
Total number slaughtered..




5,300
3,906
3,260
2,573
2,406
2,361
2,000

21,806

V
432

Commercial Cities and Towns o f the United States.

Aside from the beef slaughtered and packed in the city, no very large amount
comes to this market. In 1849, 246 barrels were received by canal; in 1850,773
barrels ; and in 1851, 1571 barrels. These comprise the total receipts o f barrel
beef for the years named. The shipments o f beef from Chicago during the
year 1851 were as follow s:—
To Buffalo......................................................... , . .
To Dunkirk.............................................................
To Ogdensburg......................................................
To lumber country and coastwise.........................
To Canada.............................................................
By canal..................................................................

Barrels.

Tierces.

33,437
6,798
5,938
3,125

2,475
....
354
...

8

....

135

....

Total................................................................
90,441
The following table shows the shipments for a series of years:—

2,829

1848 .

1849 .

1850.

1851.

Barrels.......
19,733
48,436
36,000
49,441
Tierces......
........
........
2,829
8,247
Commencing with the packing season, the price o f cattle at the commencement
o f each month, until the close o f the year, were as follow s:—
Sept.

$3 00a3 75 |Oct.

83 00a 4 00 |Nov.

$3 00a3 50 ] Dec.

$3 00a3 75

The above figures may be regarded as the range o f the cattle market, through­
out the season, though for some choice lots o f very fat, heavy cattle, higher rates
were paid.
P oke, H ams, and S hquldfbs. During the winter o f 1850-51, the whole
number o f hogs cut in this city was 22,036, giving a total weight o f 5,247,278
pounds, being an average o f 238£ pounds per hog. As regards the business of
the present winter, which will not be closed until sometime in March, there is a
diversity o f opinion, though onr belief is, that it will not vary much from the
last, in the number o f hogs eut, while there will he an increase o f weight.
During the season o f 1850-1851, there were received from various sources as
follows:----Uncut hogs.
Pork.
Hams.
Bacon.
From canal................lbs.
8,241
1,086,933
432,716
From teams and drovers..

731,533
4,515,745

616

Total.......................
5,247,278
8,857
1,086,933
432,716
The above statement includes no portion o f hogs, by teams, which were pur­
chased by city butchers and family grocers.
The shipments during the year, reduced to barrels
casks, have been as
follow s:—
To Buffalo.......................................
To Canada......................................
To Dunkirk.....................................
To Ogdensburg...............................
To Oswego......................................
To lumber country and other ports.
By canal...........................................
Total

Barrels.

Casks.

10,719
3,656
1,065
400
65
3,325
27

489

19,257

489

HAMS AND SHOULDERS.

Hams,

Shoulders.
Barrels.
Casks.

Barrels.

Casks.

To Buffalo..................
To Canada..................
By canal....................

1,934
247
7

790
...
...

591
74

360

Total..................

2,183

790

665

360




Chicago: Its Trade and Growth in 1851 .

433

The price o f mess Pork, Hams, and Shoulders in the Chicago market on the
first o f each month during the year, was as follow s:—
Mess Pork.
Dollars.

.............
..............
.............
..............
May..................................
June.................................
J u ly .................................
August..............................
September....................... ..............
October.............................
November....................... .
December......................... .............

........ a 12
10 50 12
10 50 12
11 50 12
14
14
14
14
13 50 14
17
16
13 00 14

00
00
00
00
00
50
00
00
00
00
50
00

Hams.
Cents.

Shoulders.
Cents.

8
8 a 81
84 9
8
84
8
84
9
94
9
94
9
94

6
54 a 6
6
54 6
6
7
7
14
7
74
7
14

The entire shipment of pork from this port for three years has been as follows:—
Barrels.....................................

1849.

1 85 0 .

1851.

17,940

16,698

19,990

L a r d . The receipts o f lard by canal were 2,069,625 pounds, or 9,180 barrels.
The amount which came forward by railroad, having been included on the books
o f the company under the general head o f provisions, we are not able to give.
The quantity manufactured in the city is also not ascertainable. Besides what
enters into the ordinary consumption of the city, some three or four thousand
barrels are manufactured into lard oil. A considerable amount is also shipped to
the lumber country, that does not appear on the books o f forwarding mer­
chants, which we have placed in our tables at 300 barrels.
The shipments of the year have been as follows:—

To Buffalo................................ .................. ............. barrels
To Canada...........................................................................
To other ports (estimated)..................................................

9,472
738
300

T ota l............................................................................

10,510

The following table will show the monthly prices during the year:—
J a n u a r y ...........
F ebru ary . . . .
M a r c h ................
A pril ................

7 a 71

|M ay........

1 S e p t e m b e r . . . .c t s .

7
7 4 | J u n e . . . . ..........
7
1 4 1 J u l y ........... ..............
1 4 I f 1 A u g u s t . . ..........

9 | O c t o b e r ____
8f 9
N o v e m b e r ..
81 9 | D e c e m b e r . .

9
9
9
8 a 84

T h e fo l l o w i n g s h o w s t h e s h ip m e n ts f o r t h r e e y e a r s :—

1849.................. ...b b ls .

2,282 |1850.........
| 1851.......... . .b b l s . 10,510
W ool. The receipts o f this article show a steady increase; and the high
prices which have ruled during the last two years, together with the success which
has attended almost every attempt to introduce the better breeds of sheep upon
our prairies, will doubtless induce a much larger number to engage in the business
o f wool growing.
The following table shows the amount which came forward during the last
year:—
From canal................................................................... lbs.
From Galena and Chicago Railroad.................................
From teams.......................................................................

520,026
211,930
356,597

Totals.........................................................................

1,088,553

Prices ranged during the season the article was in market as follows:—
June..............cts.
July...................

25 a 40 |August.......... cts.
28 40 | September........

TO L. X X V I.— NO. IV .




28

28 a 35 I October...........ct» 20 a 35
25 36 j

434

Commercial Cities and Towns o f the United States.

The following shows the extent o f the wool trade o f Chicago each year, for
the last ten years:—
1842 ...........lbs.
1,600 I 1846............ lbs. 281,222 1849
.lbs.
520,242
913,862
1843 ..................
22,050 I1847................. 411,488 1850................
1844 .................
96,636 I1848, estimated. 500,000 1851................ 1,088,553
1845 ................. 216,616 |
L umber . The city of Bangor, Maine, alone exceeds Chicago in the extent o f
its lumber trade; but at the rate at which the latter is gaining upon the former,
there can be but little doubt that, within the next five years, Chicago will take
the lead. The increase o f this business in our city, is owing in part to the ne­
cessities o f the contiguous country in process o f being settled, and partly to the
completion of the Illinois and Michigan Canal, which opened to our markets an
Extensive scope o f country, the settlement o f which had previously been retarded
by the difficulty o f procuring building and fencing material. An additional im­
petus has also been given to this trade, by the completion o f the first and second
sections o f the Galena and Chicago Railroad, which effect will be increased as
the road progresses westward.
In 1847, the first year for which we can find any account o f the lumber trade
o f the city, the entire receipts were as follow s:—
Boards___ feet

32,118,225 |Shingles___

12,145,500 | Lath..............

5,665,700

The Michigan and Illinois Canal was completed and opened to business in May,
1848, and the additional demand thus created, almost doubled the lumber trade
in a single year. The following shows the receipts at the port o f Chicago for
1848:—
Boards___ feet 60,009,250 |Shingles . . . 20,000,000 | L ath ............ 10,026,109
As o f material interest in this connection, we give the figures o f our trade
with the Illinois River, for the last three years, from which it will be seen that
that region o f country has become our most extensive customer, and that the
annual increase of its purchases has been very large.
In 1849, the amount shipped by canal was—
Boards___ feet

25,773,000 |Shingles_Ho.

26,560,000 | Lath..............

7,984,000

For the years 1850 and1851 we have taken the pains toascertain what pro­
portion of the lumber shipped by canal, reached the Illinois River. The follow­
ing tables show the total shipments, and the amount which went through:—
1850.

1851.

Total shipments. Rec’d 111. River. Total shipments. Rec’d 1)1. Riv,

Boards..................... feet
Shingles...................No.
Lath..............................

38,388,313
40,453,250
11,208,170

32,745,703
38,271,170
10,033,370

54,186,745
51,641,000
12,785,285

44,631,372
47,695,500
11,428,865

Turning from the trade with the canal and river to the general trade o f Chicago,
we find the total receipts o f lumber at this point for the year 1851, to be as
follow s:—
Boards.....................................
125,056,437
..No.
60,338,260
Shingles..................................
27,583,475
L ath .......................................
230,505
Pickets...................................
Shingle Bolts (7,000 per cord)
cords
1,488
Cedar Posts...........................
71,724
Hewn timber.........................
410,679
The receipts of boards, shingles, and lath at the port o f Chicago, from 1847 to
1851 inclusive, have been as follow s:—
1847
1848
1849
1850
1851

........'...............................
........................................
........................................
........................................
........................................




Boards.

Shingles.

Lath.

32,118,225
60,009,250
73,259,553
100,364,797
125,056,437

12,148,500
20,000,000
39,057,750
55,423,750
60,338,250

5,655,700
10,025,109
19,281,733
19,890,700
27,583,475

Chicago: Its Trade and Growth in 1851 .

435

W e know not what more eloquent record we could make, both as respects the
increase o f business in Chicago, and the prosperity and growth of the State o f
Illinois, than is presented in the above table. Iron, as being the basis o f all ma­
chinery, and the chief element in the construction of railroads, has been said to
furnish, by the extent of its consumption, a true measure o f the state o f civiliza­
tion. With equal propriety it may be said that the consumption o f lumber, in
State in progress o f being settled, is at once both a measure of its prosperity and
the degree o f its development. The many millions o f feet contained in the above
table have been scattered broad— cast over the State, and passing into the hands
o f industrious artisans, have been transformed into tasteful residences, beautiful
furniture, comfortable school houses, commodious church edifices, extensive barns,
and substantial fences.
The lumber trade o f Chicago, besides the addition which it directly furnishes
to the Commerce of the place, indirectly, by the employment o f a large amount
o f shipping, and by the purchase o f supplies for the lumber districts, adds greatly
to the general activity and largely swells the annual business o f the city. With
the aid o f a gentlemen, largely engaged in the trade, we have made some esti­
mates on this subject, which we think will interest the reader.
The person alluded to in the last paragraph, manufactured during the past year,
five million feet o f lumber. His books show that he purchased during that period,
for the consumption o f the laborers in his employ, the following articles, o f the
value annexed:—
Pork..................................................................................................
Beef...................................................................................................
Flour...................................................... ..........................................
Corn and oats........................................................................... . . .
Merchandise (drygoods,hardware,iron, boots, shoes, cite)................
Groceries, including butter, oil, soap, tallow ....................................

$2,000
1,200
1,500
600
3,500
2,500

Estimating pork, beef, flour, corn and oats, at the prices which ruled during
1851, would give for every five millions feet o f lumber manufactured, the follow­
ing amount o f each:—
Pork.
Barrels.

Beef.
Barrels.

Flour.
Barrels.

Corn.
Bushels.

Oats.
Bushels.

133

125

500

857

1,200

Taking these figures as the basis o f our calculation, on the supposition that
supplies requisite for sustaining those engaged in manufacturing the whole
amount o f lumber imported to this city, together with their families, were obtain­
ed here, we find that the quantity o f each is as follow s:—
Pork.
Barrels.

Beef.
Barrels.

Flour.
Barrels.

Oats.
Bushels.

Com.
Bushels.

3,325

3,125

12,500

30,000

21,426

The total value of the above articles, at the prices ruling in this market
lastyear.is................................................................................................
Value of merchandise...................................................................................
Value of groceries........................................................................................
Total indirect trade to lumber districts..............................................

$132,500
87,500
62,500
$281,500

The procuring o f material and the manufacturing o f five millions feet o f lum­
ber, required a number of laborers equivalent to sixty men during the year. For
the manufacture of one hundred and twenty-five millions feet o f lumber, the
labor of fifteen hundred men would therefore be requisite. The average wages
for lumbermen, is $16 per month. Total wages o f 1,500 men per year at this
rate, $288,000.
Now, as to the shipping employed in transporting this immense amount o f
lumber hither, seventy-five thousand feet o f pine lumber is reckoned equal to one
hundred tons. This would give the total amount of tonnage engaged in carrying
125,056,000 feet o f lumber at 166,800 tons.
A fair average o f the amount o f lumber brought to Chicago by each vessel




436

Commercial Cities and Towns o f the United States.

engaged in that business, throughout the season, is 1,500,000 feet. This gives
eighty-three vessels as the total number employed in the trade. The average cost
o f freight is $2 00 per thousand feet, which makes the total amount paid for
freight during the year, $250,112. Theaverage number o f men employed upon
vessels in this trade is seven; the total number therefore is 581 men. Average
wages paid, $20 per month; total wages for eight months (season of navigation)
$92,960.
In the above calculation we have not included either shingles or lath. A ves­
sel o f 160 tons will carry 700,000 shingles or 250,000 lath. The total tonnage,
therefore, engaged in carrying shingles during 1851 was 13,760, and in carrying
lath 17,600, which, added to that engaged in carrying boards, gives a total ton­
nage in carrying boards, shingles, and lath o f 198,600.
A corresponding addition should also be made to each separate item in the
foregoing calculations, which every person who takes an interest in the subject
will be able to do for himself. W e subjoin a brief recapitulation o f the above
general estimates:—
Value of provisions and grain......................................................
Value of merchandise..................................................................
Value of groceries.......................................................................
Wages of 1,500 lumbermen........................................................
Freight on 126,056,000 feet of lumber.........................................
Wages of 581 seamen..................................................................
Total tonnage of lumber trade.............................................. tons

$132,600
87,600
62,500
288,000
250,112
92,960
198,600

The above outlay brings the lumber to the Chicago docks. Here a new set o f
employees come into requisition ; office men, yard hands, etc. Other expenses
are also incurred by the dealer, in the way o f rents for yards and docks, supplies
for vessels, insurance, commissions to bankers, etc.
Again, the interests o f the city pre indirectly subserved by the additional
amount o f business which this trade gives to the canal and railroad, and by the
inducements which it presents to capitalists to invest their money in other like
improvements, connected with the city.
During the last year there were fifty-four dealers and firms engaged in this
trade in the city.
TABLE SHOWING THE MONTHLY ARE IV AL OF VESSELS AT THE POET OF CHICAGO, AND THE
NUMBEE OF EACH KIND.

Steamers.

March...............
April................
May.................
June...............
J u ly ................
August.............
September.........
October............
November.......
December........
Total........
TABLE

SHOWING

THE

Propellers. Schooners.

25
63
95
81
83
86
82
88
57
2

23
29
24
27
26
21
20
2

662

183

Brigs.

10
138
173
197
197
133
128
109
92
15

11

THE

PORT

42
36
36
33
34
21
22
5
230
OF

MONTH DUEING THE SEASON OF NAVIGATION IN

March........tons
April................

24,500
92,100
143,100
135'100

July........ tons
August__

133,700
1*8,400
L20,400
l^SOO

Total.
35

10

1,182

TONNAGE THAT ARR IV ED AT

Barks.

223
336
344
333
280
271
241
192
24

1
2
1
3

i
1
2
1

•

2,279

13

CHICAGO

FOR

EACH

1S51.

November.. .tons
December . .

84,700
7,100

October...
958,600
Total . . . .
June.................
The above tables, it must be born in mind, are derived_from the books o f the
collector, and are short o f the truth by from ten to twenty per cent, in conse­
quence o f masters o f vessels neglecting to enter their arrival.




Chicago: Its Trade and Growth in 1851

487

TABLE SHOWING SOME OF THE LEADING ARTICLES OF IMPORT AND EXPO RT AT CHICAGO
AND THE AMOUNT OF EACH ARTICLE BY LAKE, CANAL, AND RAILROAD, RESPECTIVELY.
SHIPMENTS.

Lake.

Agricultural implements___lbs.
Barley.....................
bush.
Beans........................................
Barrels ............................... No.
Bagging................................ lbs.
Beef.................................... bbls.
B eef..................................... tes.
Beeswax..............................lbs.
Butter........................................
Butter.....................
kegs
Brooms.................................doz.
Broom, brush........................lbs.
Buffalo robes.............................
Candles......................................
Castings...............................tons
Cattle................................... No.
Carpenters’ w ork................ lbs.
Cheese......................................
Cider................................. bbls.
Coal...................................... lbs.
Coffee.......................................
Corn................................. bush.
Com m eal........................ sacks
Cordage............................... lbs.
Clocks......................................
E g g s................................. bbls.
Feathers............................. lbs.
Fish.....................................bbls.
Furs and peltries.............. pkgs.
Furniture.................
lbs.
Flour...................................bbls.
Fruit......................
bbls.
Fruit ....................
lbs.
Grindstones.............................
Hams................................. bbls.
Hams.....................
casks
Hams.................................hhds.
Hams..............
lbs.
Hams................................... No.
H ay.....................................tons
Hemp...................................lbs.
Hides................................... No.
High Wines. .................... bbls.
H ops................................... lbs.
Horns and bones.......................
Horns and bones .............. bbls.
Iron..................................... lbs.
Iron................................... bdls.
Lard..................................... lbs.
Lard........................
bbls.
L a th ....................
pcs.
Lead..................................... lbs.
Leather......................................
Liquor............................... bbls.
Lumber............................... feet
Marble................................. lbs.
Machinery.................................
Merchandise.............................




Canal.

Railroad.

................................... 1,164,583
8,637
11,460
400
1,569
...:..
..........
787
8,082
..........
5,845
49,306
135
2,829
1,447
10,424
76,117
..........
604
633
98
802,042
7.215
14,800
16,280
5
448
..........
197,647
2.215
178,737
144
..........
1,182,803
909,749
................................... 205,310
3,221,317
: .................
150
..........
7,950
116,415
149
8,473
46
3,175
..........
5,645
..........
1,078,423
17,624
71,723
683
380
..........
230,536
..........
187,334
1,934
688
.............................
112
.............................
1,364
700
3,690
253
694,783
1,617
40
1,878
___
17,639
. . . . 80,000
...................
183
132,480
1,035,579 2,286,010
119
259,647
9,057
............
12,785,285 2,136,135
1,375,872
1,007
33,875
239,664
1,515
1,755
............
54,186,745 13,770,542
............
845,310
............
273,044
840,890
13,127,352 17,017,356

Total.

1,164,583
19,997
1,969
8,879
5,845
49,441
2,829
1,447
85,441
604
731
802,042
7,215
31,080
5
448
197,647
181,052
144
2,091,552
205,310
3,221,317
150
7,950
116,415
149
8,473
3,221
5,645
1,096,045
72,406
380
230,536
187,334
1,930 .
688
112
2,054
3,690
253
694,788
1,657
1,878
17,539
80,000
183
3,454,060
119
259,647
9,057
14,921,420
1,376,879
273,539
3,270
67,957,287
845,319
273,044
30,985,597

438

Commercial Cities and Towns o f the United States.
IMPORTS AND EXPORTS AT CHICAGO---- CONTINUED.
SHIPMENTS.

Merchandise...................... pkgs.
Molasses.............................lbs.
Nails and spikes........................
Oats...................................bush.
O il..................................... bbls.
Oranges............................. bxs.
Paint.................................. lbs.
Potatoes............................. bush.
Pots and pearl ashes.................
Pork................................... bbls.
Pork.................................... tcs.
Provisions.......................... bbls.
Powder................................lbs.
Pumps.......................................
H ags.........................................
Eice..........................................
Eeapers...............................No.
S alt....................................bbls.
Salt.................................. sacks
S a lt.....................................lbs.
Sacks................................... No.
Saleratus............................. lbs.
Saleratus............................bxs.
Seeds...............................bush.
Seed drills..........................No.
Scales................................. lbs.
Soap.........................................
Shot..........................................
Shingles............................... No.
ShiDgle bolts................... cords
Shoulders .......................... bbls.
Shoulders.........................hhds.
Shoulders............................. No.
Sheep pelts...............................
Starch................................. lbs.
Staves................................. No.
Steel.....................................lbs.
Sugar........................................
Sugar................................ hhds.
Sugar................................ bbls.
Sundries............................... lbs.
Stucco..............................bbls.
Steam-engines..................... No.
Stoves and hardware.......... lbs.
Tallow.................................bbls.
Tallow.................................. lbs.
Tar, pitch, <fcc...........................
Timothy seed......................bbls.
Tan bark............................. tons
Timber.............................. C. ft.
Tin....................................... lbs.
Tobacco.....................................
Tongues............................. bbls.
Trees and shrubs................ lbs.
Turpentine..........................bbls.
Vinegar.....................................
Wagons.................................No.
Water lim e........................bbls.
Wheat................................bush.
W o o l................................... lbs.
Wooden ware............................




Lake.
16,571
62,000
767,089
78
150
....

2,000
19,188
489
600

Canal.

80,336
424,312
108
193

...

31,021
13,300
114,366
27
159,425
168,390

8,656
10,111
562
3,581
391

35,086
481,803
14,432
164,529

57
680
18
21,110
....

1,020
360
9,797
263
26,600
36,000

65,739
15,845
975
51,641,100
427

4,499
9,900
63,846
844,312

20
619
. •.

24,912

85
15
28,500
3,424
57,177

1,849,327
...........

3,825
15,878

1,670

182,758
126
••• .
....
....

35
30
436,808
1,086,944

178
7,812
99,275
22,988
37,866
32
141
515
852
1,609
3,880

Railroad.

..........
..........
..........
..........
..........
..........
..........
..........
8,000
........
..........
..........
..........
..........
..........
..........
..........
9,970
..........
..........
..........
..........
..........
........
..........
..........
..........
..........
8,269,500
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

Total.

16,571
142,336
424,312
767,197
271
150
31,021
15,300
122,366
19,215
489
600
159,425
168,390
8,666
10,111
652
48,637
391
481,803
14,432
164,629
57
530
18
65,789
15,845
22,085
60,910,600
427
1,020
360
9,797
263
31,099
9,000
99,846
344,312
20
619
24,912
35
15
1,877,827
3,424
61,002
15,873
1,670
178
7,846
99,372
215,745
126
37,866
32
141
560
30
437,660
1,088,553
8,380

Chicago: Its Trade and Growth in 1851 .

439

IMPORTS AND EXPORTS AT CHICAGO— CONTINUED.
RECEIPTS.

Lake.

Bacon.................. ............... lbs.
Barley...............
Beef ....................
Beeswax.............. ............... lbs.

12,331

Canal.

434,716
262
1,571
430,728
11,511
430,738
512,196
37,693
43,954

................No.
Oar wheels........
Coals.................
Coffee.................
C orn.............. .
Eggs...................
Feathers............
Fish...................
Fish...................
Fish...................
Flour.......... .....
Fruit..................
Furs and pelts...
Grease...............
Hams.................
H ay....................
H em p...............
Hides..................
H ops.................
Iron...................
Iron..................... .budls. & bars
Lath...................
Lard................... ................lbs.
Lead ..................
Leather...............
Liquors...............
Lumber..............

57,500
290^000
so',000
11,316

3,755
601
75
6,630
9,836

13,900
6,800
69,728
27,583,475
41,567
2,992
4
125,056,437

............... lbs.
Merchandise . . . .

Molasses............
Nails and spikes
Oats...................
Oils..................... ..............bbls.
Passenger cars . .
Pig iron..............
Potatoes............
Pork.................
Pork................. ............... lbs.
Powder..............
............... lbs.
Posts..................
B a lt...................
Salt . . . . . . . . . . .




15,982,753
234,987
450
708
44,034

...

510
3
641
6,320
7,753
71,724
230,505
162
115,522
78,414

3,699
1,795
2,352,362
28,000
14,786
13
5,819
1,172
82,993
93,668
1,086,933
787,703
1,035,648
487,806
768
17
2,069,625
1,402,135
18,229
744
466,685
106,615
397|916

1,955
4,910
181,293
497
2
4,797
8,241
....

....

2,825
l ’50O
120

Railroad.

TotaL

432,716
36.111
28,518
1,571
430,728
11,511
430,738
512,196
369,216
834,523
48,754
221
221
57,600
290,000
33,699
13.111
2,647,465
295,003
28,000
14,786
3,768
601
75
51,652
39,203
11,003
82,993
93.668
1,086,933
787,703
1,083,648
848,876
361,070
14.668
6,817
69,728
27,583,475
2,069,625
1,402,135
59,796
6,189
1,453
4
125,523,122
106,615
16,380,669
234,987
939,510
939,610
450
2,663
48,944
334,148
152,855
1,007
10,394
10,394
3
643
13,778
24,895
8,241
2,390,248
2,390.248
7,753
1,043,124
1,040,299
72,224
230,505
162
115,642
78,414

440

Commercial Cities and Towns o f the United States.
IMPORTS AND EXPORTS AT CHICAGO— CONTINUED.
RECEIPTS.

Lake.
Canal.
S a lt...................................... lbs.
953,400
217,300
Shot.................................................................
138,680
Seeds........„ .................... bush........................
6,980
60,338,250
Shingles....................................
Shingle bolts........ ........... cords
1,488
Soap.....................................lbs.
86,634
...........
Smut machines.........................
70
Stoneware........................... galls
33,316
Stoneware...........................tons
40
19,940
Stone.........................cubic yds.
........
Stores.................................. No.
8,742
10,928
Stores.................................. lbs.
100,000
3,765,836
Sugar...................................lbs.
........
Sugar................................ hhds.
2,563
Sugar.......................bbls. A bxs.
2,884
Sundries...............................lbs.
25,656
........
41,001
Tallow .....................................
........
152,297
Tim ber..................... cubic feet
410,679
324,923
Tobacco.............................. lbs.
........
34
Wagons..................................No.
198
67,972
Wheat................................ bush.
26,084
204,837
White lea d ...........................lbs.
.............
10,676
W ood .................................cords
5,924
520,026
W ool.....................................lbs.
.............

Railroad.

,533,030

274,021
454
211,930

Total.
1,170,700
138,680
6,980
60,338,250
1,488
86,634
70
33,316
40
19,940
8,742
110,928
3,765,836
2,563
2,884
1,558,686
41,001
562,976
324,923
232
388,077
204,837
17,054
731,956

T rade with Canada. The ralue o f articles imported into Chicago from
Canada, during the year 1851 is $5,811 14. And the total amount of duties
collected at this port on foreign merchandise, during the year was $2,353 23.
The value o f exports to Canada during the same time was $116,185 51.
The arrivals from Canada were 7, and the clearances 13.
C ity Improvements. The improvements which have been erected in Chicago
during the vear 1851, both as respects style and extent, very far surpass those
o f any previous year. The total number of buildings erected will not vary much
from 1,000. A large number o f spaeious brick stores, from four to five stories
in hight, are among them. The amount expended in building alone, cannot
fall much, if any, short o f $750,000.
Improvements o f a public character have also been prosecuted with energy. Tw o
miles and 3,688 feet o f planking has been done upon streets and alleys, which,
added to the amount previously completed, gives us 12.28 miles of planked streets
and alleys. The cost o f the year’s planking was $9,213 64. Two miles and
2,987 feet o f sewerage has also been constructed during the year, at a cost o f
$8,907 55. The work of lake shore protection, in consequence o f the unusual
hight of water in the lake, had to be done over during the year, at a cost o f
about $12,000. Tw o public school houses have been erected and furnished at a
cost o f over $10,000. A market house in the North Division partially completed
at a cost o f $9,295. A city bridewell, at a cost of $2,851 21. A magnificent
court house was also commenced, which will be completed during the ensuing
season ; it is being built o f cut stone from Lockport, New York. The work o f
excavating the river has also been prosecuted to some extent during the year,
giving more room for the large amount of shipping which, during the season o f
navigation, crowds the harbor.
Nothing was done during the year in the way o f improving the entrance to the
harbor, the unusual stage of water rendering it almost unnecessary. Something
was done towards the erection o f an iron light-house at the end o f the north pier,
but further appropriations from Congress are necessary to its completion.
R ailroads. It is a significant feet o f the times, that railroads have become
essential to the prosperity o f cities. It matters but little how great may be the
natural advantages with respect to a location upon navigable water, if they fail to




Chicago: Its Trade and Growth in 1851 .

441

avail themselves o f this new element o f power, a decline is inevitable. Chicago
is fortunate in the first respect; the enterprise of her citizens and the necessities
o f Commerce and travel, are rendering her equally fortunate in the other. A
brief notice o f the various lines o f road in progress and in contemplation will not
be out o f place in this connection.
T he Galena and C hicago R oad is now completed to the distance o f about
eighty miles. It was originally designed to make Galena its western terminus ;
an arrangement has, however, been effected with the Illinois Central Railroad
Company, by which it will connect with the Galena branch o f that road at Free­
port, by which means the former company gain access both to Galena and Du­
buque. The history of this company is one which should be studied by all W est­
ern railroad companies, as it furnishes a forcible illustration of what perseverance,
aided by judicious management, can accomplish in the face o f obstacles seeming­
ly insurmountable.
The company have declared a dividend o f fifteen per cent on the net earnings
o f the road for the last fiscal year. In the meanwhile the road is being pushed
forward as rapidly as possible, in order to reach Freeport by the time the Central
Company shall have completed that portion o f the Galena branch lying between
Freeport and Dubuque.
T he R ock Island and Chicago R ailroad is completed six miles from Chi­
cago, at which point it is intersected by the Michigan Southern Road. It is ex­
pected that the road will be completed to Joliet by the month of July, 1852, and
at Rock Island will be reached in from two to three years.
T he Central M ilitary T ract R ailroad is to intersect the Chicago and
Rock Island Road, some fifteen or twenty miles southwest o f Peru, and taking
a direction a little west o f south, will run upon the table lands between the Illi­
nois and Mississippi rivers, passing through Galesburg, and possibly through Ma­
comb and Augusta, to Clayton in Adams county, where it will intersect the
Northern Cross Railroad from Quincy to Decatur. This road, from the point o f
intersection with the Rock Island and Chicago Road, to Galesburg, has recently
been put under contract.
T he A urora Extension R oad branches from the Galena and Chicago Road
at Junction, thirty-three miles from Chicago, and is completed to Aurora, four­
teen miles. It is to be continued about forty miles further, to intersect the Ga­
lena branch o f the Central Road, some thirteen miles distant from La Salle.
T he B eloit B ranch R oad is to be constructed by the Galena and Chicago
Railroad Company, branching from their road, at a point not yet determined, and
running direct to Beloit, in Wisconsin.
T he Chicago and W isconsin R oad, for which a charter was obtained at the
last session o f our State Legislature, is to run in a north-westerly direction from
Chicago, via Woodstock, to Big-foot on the Wisconsin State line, and from thence
to Janesville, where it will intersect the Rock River Valley Railroad, which runs
from Fond du Lac on Lake Winnebago, down the valley o f Rock River to
Janesville.
T he Chicago, Milwaukee, and Green B ay R oad. Charters have been
obtained from the Illinois and Wisconsin Legislatures, for a iailroad between the
above points; and measures are now on foot in both States, to organize compa­
nies for the purpose o f carrying the object into execution.
C hicago Branch o f C entral R ailroad. O f all the railroads connected
with Chicago, we anticipate the largest benefit from this one. It is to intersect
the main stem in township two north, one west o f the third principal meridian, in
Clinton county, the entire rout being in almost a direct line from Chicago to
Cairo. The company has recently disposed o f four millions of its bonds, and
will commence the construction o f this branch immediately.
R ailroads to the E ast. While we write we are listening for the shiill
whistle which will announce the arrival o f the cars o f the Southern Michigan
Railroad. It is probable that the Michigan Central will not be many weeks be­
hind it. By means o f these two roads, and their connections, the whole NorthEastern seaboard will be brought into railroad communication with Chicago.




442

Commercial Cities and Towns o f the United States.

In addition to the ahove roads, there are two railway projects in Canada West,
one o f which is already in process o f execution, and both o f which are almost
certain o f completion, that are to exercise an important bearing upon the com­
mercial interests o f Chicago. One is a railroad from Toronto to Goderick, on
Lake Huron. The other, a road from Prescott, on the St. Lawrence, opposite
Ogdensburgh, to Georgian Bay, an arm o f Lake Huron. The completion o f
these two roads will result in the establishment o f a daily line o f steamers be­
tween Chicago and the western terminus o f each. The advantages that would
result are too obvious to require mention.
These are the present and some o f the prospective railroad connections o f
Chicago. That their effects will be to make Chicago a great commercial center,
and give it advantages such as no other city in the interior o f the continent enjoys,
must be apparent to every unprejudiced mind.
P lank R oads. From no other improvement has Chicago derived more direct
and manifest benefit, in proportion to the capital invested, than the plank roads
which connect it with the adjacent country. It is gratifying also to know that
the various companies which have engaged in this enterprise, while they have
contributed to the general advantage, have invested their money wisely and
profitably to themselves. As was to be expected, many mistakes were made at
the outset. The road bed in some cases was not raised sufficiently high to pro­
tect it against the spring and other freshets; pine boards were used instead o f
the more enduring and solid oak, and some other errors, all of which experience
has corrected. The more recently constructed portions o f our roads are made
o f substantial material, and with strict attention to the subjects o f grading and
draining.
The total number o f miles o f plank road leading from the city is about seventy,
the cost o f which, including bridges, gates, gate-houses, &c., will not vary much
from $ 168,000. The first road constructed was the—
S outh-W estern P lank R oad, leading from Chicago to the eastern boundary
o f Dupage county, a distance o f sixteen miles. Here it connects with the
Naperville and Oswego plank road, which, when completed, will extend it to the
latter place, on Fox River, distant from Chicago forty miles. Twelve miles
only o f the Naperville and Oswego road have been finished, which extends it to
the vicinity o f Naperville, and makes, in connection with the South-Western
Road, twenty-eight continuous miles. Some three miles east o f Naperville, the
road is intersected by the St. Charles and Warrenville plank road, two and a half
miles o f which have been constructed. From St. Charles to the point o f inter­
section is thirteen miles. At St. Charles it will connect with the St. Charles and
Sycamore road, several miles o f which have been finished. Thirteen miles of
the South-Western Road were laid down with pine boards; these have given
way in many places, and the company are having oak substituted in every such
case. In a very short time the whole road will have thus been replaced by oak.
The Naperville and Oswego Road, as far as built, is said to be a model road, in
every respect superior to the other plank roads o f the country.
A provision in the charter o f the South-Western Company confers the priv­
ileges o f banking— a circumstance which the company has not been slow to
avail itself of, and no small portion o f our local currency is derived from this
source.
The next road undertaken was the—
North-W estern. This road is to connect Wheeling with Chicago, fifteen
miles of the main road have been constructed, and two branches, one five and a
half miles, the other two and a half, each o f which terminates at the O’Plain
River. The cost o f this road and branches, including one bridge twice built,
four gate-houses and five gates, was $51,000. The company hasa similar charter
to that o f the South-Western, though we have heard no intimation that bank­
ing is contemplated under it. The company did, however, deal a little last year
in marine risks, from which it realized a snug little sum in the way o f premiums,
and met with not a single loss. This road is the best paying road connected with
Chicago, its net income ranging from thirty to forty per cent on the original
cost.




The United States in 1950 .

443

T he W estern R oad connects with the first branch o f the North-Western, at
the O’Plain River, and is completed to Salt Creek, a distance o f six miles. It is
the intention to continue this road either to Dundee, or to Genoa, via Elgin. The
company have erected a steam saw-mill on the line o f the road, for manufactur­
ing the lumber requisite for its construction. The six miles completed cost about
$2,000 per mile.
T he S outhern R oad is the last we have to notice. It is built due south a
distance of ten miles. It was the original intention to continue it to Middleport,
in Iroquois county, a distance o f seventy-five miles, but the subsequent location
o f the Chicago Branch o f the Central Railroad has, we believe, led to the aban­
donment o f this design. The ten miles completed cost about $21,000. A cash
dividend o f fourteen per cent has been declared by the company for 1851.*

Art. IV.— TIIE UNITED STATES IN 1950.
T he report o f the Superintendent o f the Census, showing the progressive
increase o f population in the United States, during decennial periods of their
existence as an independent people, from the first census in 1790 to the
seventh in 1850, affords matter o f curious speculation as to their progress
for the next century. The following calculations, based upon data furnished
by this report, and various estimates as regards the future, may be o f some
interest to the public. They are given, not as predictions o f what will be
our numbers a hundred years hence, but rather as the product of a leisure
hour devoted, for amusement, to this prospective glance at our coming great­
ness. If the readers o f Hunt's Merchants' Magazine derive as much plea­
sure from the results o f this labor, as it afforded us while engaged upon it,
we shall be well satisfied, without claiming any credit for possessing the
fabled power o f second sight.
The following tabular statement, taken from Mr. Kennedy’s abstract, gives
the data on which are founded the calculations here presented:—
Year.

Population.

Increase. Per centage ofincrease.

1790.........................
3,929,827
............
........
1800.........................
5,305,941
1,376,114
35.01
1810.........................
7,239,814
1,933,873
36.45
1820.........................
9,638,191
2,398,377
33.12
1830.........................
12,866,020
3,227,829
33.48
1840.........................
17,069,453
4,203,433
32.67
1850.........................
23,257,723
6,188,270
36.25
By this it will be seen that the per centage o f increase was greater during
the past ten years, than in any similar period since the establishment o f our
Government, with the single exception o f that between 1800 and 1810,
when it was a trifle larger than 1840 to 1850. This has been composed o f
the natural increase, together with accessions to our population by the ac­
quisition o f territory, and by foreign immigration. Territorial extension,
however, has contributed but a small proportion; Louisiana, Texas, and
California, with our other newly acquired lands, furnishing less than two
per cent increase upon the population o f 1840.f
* F ora statement of the manufactures o f Chicago the reader is referred to our “ J o u r n a l or
a n d M a n u f a c t u r e s , ” in the present number of the M e rc h a n ts ' M a g a zin e.
+ No attention has been paid in our calculations to this source of our increase. Greater nicety
would have been attained, had we given its due weight; but as they would have somewhat increased
the complicacy, without very materially changing the results of our processes, we concluded to dis­
regard it.
M in in g




444

The United States in 1950 .

” Immigration has been a much more important element in our advance,
growing more and more powerful as we have become less dependent upon it.
In our infancy as a nation, when our downfall was confidently predicted by
the false prophets o f despotism, who asserted that man was incapable o f selfgovernment, but few from the old world cared to stake their fortunes upon
the desperate chance o f so doubtful an experiment.
But since the problem o f independence has been demonstrated ; since we
have grown up into a vigorous manhood, and taken our place among the
ruling powers o f the earth, our free institutions have been a load-star to the
poor and oppressed o f every people. Assured o f finding in this strange
land, a protection for life, liberty, and property, not secured to them in their
own, they have poured in a steadily increasing tide upon our shores.
The following table presents a succinct view o f this source o f our grow th:—
Immigration and
its natural increase
during each period.

Periods.

m o - m o ..........................
1810-20.............................
1820-30..............................
1830-40...............................
1840-50...............................

167,560
183,000
239,707
913,650
1,727,992

Per centage o f increase
upon previous
population.

4.26 in 20years.
1.83
2.48
7.11
10.13

By this it appears that while for the twenty years between 1790 and
1810, immigration exercised but a trifling influence, in the ten years from
1840 to 1850 it became a very important consideration, exceeding as it did,
during this latter period, all the foreign arrivals in this country for the fifty
years previous, and being but little less than one third o f our entire increase
since the last census. W e leave this element for the present out o f the ques­
tion. Adopting for the basis o f our calculations the results o f the past, as
shown in the first table above, and assuming various ratios for the future
progress o f population, we have the following tables, which will show our
numerical strength in decennial periods, and the increase between each two
successive periods for the next century ending with 1950.
Taking for our first hypothesis the actual ratio o f increase since 1840, as
36.25 per cent, gives us :—
Year.

1850..............
1860..............
1870..............
1880..............
1890..............
1900..............

Population.

23,257,723
31,688,647
43,175,781
68,827,001
80,151,788
109,206,811

Increase.

8,430,924
11,487,134
15,651,220
21,324,787
29,055,023

Year.

1910.............
1820.............
1930.............
1940.............
1950.............

Population.

148,794,279
202,732,205
276,222,629
376.353,332
512,781,414

Increase.

39,5S7,468
53,937,926
73,490,424
100,130,703
136,428,082

The average ratio of increase for the sixty years from 1790 to 1850 is
34.5 per cent. This yields the following results:—
Year.

1850.............
I860.............
1870.............
1880.............
1890.............
1900.............

Population.

23,257.723
31,281,637
42,073,801
66,589,262
76,112,557
102,381,389

Increase.

8,023,914
10,972,164
14,515,461
19,523,295
26,268,832

Year.

1910.............
1920.............
1930.............
1940.............
1950.............

Population.

137,702,968
185,210,491
240,108,110
835,050,407
450,642,797

Increase.

35,321,579
47,507,523
63,897,619
85,942,297
115,592,390

The average ratio o f natural increase from 1890 to 1850, without includ­
ing immigrants or their descendants, is about 30 per cent. A t this ratio we
h a v e: -




The United States in 1950.
Year.

Population.

1850. . . .
I8 6 0 ........ . .
1870........
1880........
1890........
1900........

3 0 (3 3 5 ,0 3 9

51,266,215
86,639,902

Increase.

6,977,316
6,100,511
11,830,665
15,379,864
59,993,823

Year.

•
Population.

1910..............
1920..............
1930..............
1940..............
1950..............

112,631,872
146,421,433
190,347,862
247,452,220
321,687,886

445
Increase.

25,991,970
33,789,561
43,926,429
57,104,358
74,235,666

Or, making the natural increase from 1840 to 1850, or 26.12 per cent,
the ratio of our future advance, we have :—
Year.

1850 ........
I860 ........
1870........
1880........
1890........ . .
1900........ . .

Population.
23,257,723
2 9 (3 3 2 (6 4 0
36,994,325
58,844,126
74,214,211

Increase.
6,074,917
7,661,685
9,662,927
12,186,874
15,370,085

Year.
1910........
1920........
1830........
1940........
1950........

...
...
...
...
...

Population.
93,598,962
1 1 8 (0 4 7 (0 1 0

148,880,889
187,768,577
236,813,729

Increase.
19,384,751
24,448,048
30,833,879
38,887,688
49,045,152

These results are indeed stupendous— that a mere handful o f people, as
we were in 1790, should advance with such gigantic strides, as in the brief
space o f one hundred and sixty years to number itself by hundreds o f mil­
lions, and to equal one-half, one-third, or even one-fourth of the present
population o f the globe, staggers belief.
That we shall in this period attain the enormous numbers of the first,
second, or even the third o f these tables, is exceedingly improbable, and in­
deed almost impossible. Various causes >vill conspire to prevent our future
increase equaling the rapidity o f our growth hitherto, although the additions
to our population in decennial periods in coming years may greatly exceed
the increase in similar intervals o f time in our past history, yet the per centage o f increase in such accessions must, almost o f necessity, be reduced. In
the course of thirty or forty years, foreign immigration, now so powerful an
auxiliary in swelling our numbers and raising the ratio o f our progression,
must become a comparatively unimportant item in our periodical advances.
The arbitrary governments o f Europe have thus far looked with indifference
upon the rapid efflux o f their surplus population to our ample domain ; or
have encouraged it for the sake o f more easily governing those who remain
behind as a prudent husbandman lops and prunes offshoots and scattered
branches to preserve the tree in its full vigor. But this carelessness or policy,
whichever it may be, cannot be expected to continue. The gradual depopu­
lation o f Ireland, and the constant drainage o f other crowded districts, will
serve as a warning, and render some restriction upon emigration necessary.
But should this not be the case, and should this human tide which is now
setting upon our shores experience no ebb, still the per centage o f increase
from this source must eventually be greatly diminished. To illustrate this
position, we will assume that in each o f the three next decennial periods im ­
migration and its natural increase, (by which is intended the children o f
immigrants bora in this country,) between their arrival and the subsequent
census, will amount to 2,000,000, and that the increase other than this shall
proceed in the ratio o f the past ten years. In the first period this extrane­
ous accession will be somewhat less than 9 per cent, in the second less than
7, and in the third not quite 5 per cent.
I f th is b e tru e , a s w e t h in k
p e r io d s , w e s h a ll b e fo r c e d
c re a s e , w h ic h w ill in a ll

w ill b e a d m it t e d a fte r t h e la p s e o f a f e w m o r e

t o d e p e n d a l m o s t e n t ir e ly u p o n t h e n a tu r a l

p r o b a b ilit y d e c lin e

fr o m its p r e s e n t r a t io .

th is h i s h i t h e r t o b e e n w ill b e s e e n b y t h e f o l l o w i n g t a b l e ; —




in ­

W hat

446

The United States in 1970 .
Period.

Total increase.

Immigration.

33.12
33.48
32.67
36.25

1810-20..............percent
1820-30............................
1830-40............
1840-50.............................

Natural increase.

1.83
2.48
7.11
10.13

31.29
31.00
26.56
26.12

B y this it appears that there has been a gradual diminution, until the
ratio from 1840 to 1850 is more than 5 per cent less than that from 1810
to 1820. How this will continue in the future none but omniscience can
tell, and our calculations must o f course be hypothetical. W e may, however,
safely venture, we think, to assume for the next fifty years our progress will
be at the same average ratio with that from 1790 to the present time, or
34.5 per cent.
This gives us in 1900 a population o f 102,381,389, as a new basis, and
with still other estimated rates o f increase from that time till 1950, we have
these additional tables:—■
At 25 per cent.
Population.
Increase.

Year.

1900 .................
1910.................
1920 .................
1930 .................
1940 .................
1950 .................

At 20 per cent.
Population.
Increase.

102,381,389
159,970,920
249,954,502

102,381,389
122,857,666
147,429,199
176,915,038
212,298,045
254,957,654

25,595,347
31,994,184
39,992,730
49,990,912
62,488,640

20,476,277
24,571,533
29,485,839
35,383,007
42,459,609

The average ratio o f increase in England, Wales, and Scotland, from 1800
to 1840, and in Holland and Belgium from 1815 to 1837 was 15 per cent.
At 15 per cent.
Population.
Increase.

Year.

1900 .....................
1910..............____
1920 ..............____
1930 ..............____
1940 .....................
1950 ..............____
W h ile w e

102,381,389
117,738,597
135,399,386
156,709,293
180,215,686
207,248,038

a d m it t h a t

At 10 per cent.
Population.
Increase.

..............
15,367,208
17,660,789
20,309,907
28,506,393
27,032,352

102,381,389
112,619,527
123,881,479
136,269,626
149,896,588
164,886,246

o u r first e s t im a te s o f t h e p r o s p e c t iv e in c r e a s e o f

p o p u l a t io n w e r e t o o la r g e , w e t h in k t h a t t h e fin a l
b e r s in

1950

am ou n t to

..............
10,238,138
11,261,962
12,388,147
13,626,962
14,989,658

164,886,246,

o n e , b y w h ic h

our nu m ­

w ill fa ll s h o r t o f t h e r e a lity .

G r e a t B r it a in , d e s p it e h e r l o n g a n d b l o o d y w a r s i n v o l v i n g a v a s t e x p e n d i ­
t u r e o f life , a n d n o t w i t h s t a n d i n g t h e h e a v y d ra fts
v a r i o u s q u a r t e r s o f t h e g l o b e , in c r e a s e d fr o m
r a t io o f

1815

to

15 p e r
1837.

cen t,

b y e m ig r a t io n

1840

to

to

at th e av erage

H o l l a n d a n d B e l g i u m a ls o a d v a n c e d a t t h e r a te f r o m

N o w i f o u r a s s u m p t io n t h a t w e s h a ll f o r t h e n e x t fifty y e a r s

c o n tin u e o u r p ro g re ss at

th e a verage

t h e e s t im a t e d in c r e a s e o f

15

lo w .

m ade

1800

r a t io o f o u r

p e r c e n t fr o m

1900

p a s t g r o w t h , b e c o r r e c t,
to

1950

we

deem

q u ite

I f G r e a t B r it a in w it h a ll h e r d r a w b a c k s , a n d w it h e v e r y c o n s id e r a t io n

i m p e l l i n g t h e m a s s e s o f h e r c itiz e n s t o a v o lu n t a r y e x ile , h a s in th is c e n t u r y
e x p e r ie n ce d
th ere

why

th is

a u g m e n t a t io n o f h e r n u m e r ic a l s t r e n g t h , w h a t r e a s o n

th is c o u n t r y , in

its fu ll

v ig o r a n d

w it h

u n r iv a le d

s h o u l d n o t in t h e n e x t in c r e a s e a t a s t ill m o r e r a p id r a t e ?
w ill b e

seen

207,248,038,

th a t
th a t

th is

20

r a t io

fr o m

1900

p e r c e n t fo r s a m e p e r i o d

t h a t t h e r a t io o f o u r n a tu r a l in c r e a s e s in c e
tim k , g iv e s u s

m akes ou r

236,813,729.

1840,

m a k e s it

in 1950
254,757,654, a n d

c o n t i n u e d f r o m t h e p re s e n t

n e a r e r a p p r o x im a t io n t o t h e a c t u a l r e s u lt t h a n t h a t b a s e d




B y t h e t a b le s it

p o p u l a t io n

A n y o n e o f t h e s e w o u ld in o u r o p i n i o n

N o tw ith s ta n d in g o u r fo r m e r m o d e s t

is

a d v a n ta g es,

be a

u p o n 1 0 p e r c e n t.

d is c la im e r o f t h e p r o p h e t i c p o w e r , w e

The United States in 1950 .

447

will venture the assertion that there are those now lining who, i f internal dis­
sensions and fratricidal quarrels do not previously destroy our existence as
a nation, will see us a people o f more than 200,000,000 souls.
N o great courage, however, is required to make such a prediction, for unless
embalmed in the pages o f Hunt's Merchants' Magazine, it and its author will
be alike forgotten long before its fulfillment or final refutation. But, to
speak seriously, it is by no means impossible, or even improbable, that this
statement, rash though it may seem, will be fully realized. W e remember
seeing some years ago a table prepared shortly after the establishment o f
our government, showing the estimated population o f New York city in
periods o f five years. By this estimate that city will in 1900 contain about
2,000,000 inhabitants. I f we recollect aright, the number assigned in it for
the year 1850, is nearly, or quite 50 per cent less than the actual amount
as shown by the last census. This prediction was at the time regarded as
the production o f a diseased brain— who doubts its truthfulness now ? Our
country, like its mineral region on Lake Superior, is an anomaly in the world’s
history. As in the one case old theories have been exploded, and unbounded
wealth exposed where geologists would have told us only detached masses
were to be found ; so in the other, ancient rules o f progress, sanctioned by
ages o f experience, are to be disregarded in estimating our future destiny.
Our territory embraces 3,136,447 square miles, and its present population
amounts to but 7 inhabitants to the square mile. Should this vast area, pre­
senting every variety of climate, and inexhaustible fertility o f soil, be as densely
peopled as Great Britain which has 220 within the same limits, our numbers
would reach 690,020,540 ; and should it ever rival Holland and Belgium
in density o f population (267 to the mile,) the result would be the enor­
mous amount o f 837,434,019, equal to four-fifths o f the present estimated
number o f the human race. Great Britain contains this compact mass, and
yet a large proportion o f her soil is unreclaimed, or, held by a few individu­
als, is equally unavailable and useless to the multitude. Our land can surely
sustain as dense a population as either Great Britain or Holland. The only
limit assignable to our increase in this respect, so long as we continue a
united people, will be the extreme number that our soil can support, and
this no one can venture to announce. The teeming millions of China find a
subsistence, and they are more circumscribed in space than even the larger
o f the two numbers mentioned, would be in our wide domains.
Much has been said of late about the “ manifest destiny ” o f the American
people. Have those who have talked most and loudest upon this topic,
looked forward into the future to contemplate what that destiny is to b e !
W e have sprung up like Jonah’s gourd in a night, until our shadow is cast
far over the earth ; it may be, that like that gourd, we have the worm gnaw­
ing at our vitals, and that our downfall will be as swift and certain as was
our rise. Our ruin must come upon us, if it ever come, from our own suicidal
h and; no foreign influe'hce will, if we remain united, ever be able to over­
throw us.
To sum up in a few words, we are destined to become a power for good
or for evil, such as the world has never seen, in comparison with which the
storied grandeur o f the Roman Empire will dwindle into insignificance.
May our course be such, that when we fall, if fall we must, as the sun, sink­
ing beneath the waves, leaves a golden radiance behind to mark the spot, so
the memory of our virtues may illumine the tomb in which our greatness
lies inurned.




448

The Law o f Progress in the Relations o f Capital and Labor.

Art. V.— THE LAW OF PROGRESS IN THE RELATIONS OF CAPITAL AND LABOR.
P A R T I .*

To

Esq., E d ito r o f the M erch a n ts' M a g a zin e , e t c . : —
S ir :— In the November number (1851) I find another article from the pen
o f Professor Smith, in rejoinder to that of mine which appeared in that of
September. The Professor is o f opinion “ that two persons cannot profit­
ably discuss their differences o f opinion, without first settling the points in
which they agree, and the authorities to which they are both willing to ap­
peal.” To this I have to say, that Professor Smith ought to have thought
o f that before he had commenced his self-imposed task, as the champion of
Mr. Carey, and not hare complained afterward. If it has produced any in­
convenience to him, he only has himself to thank, as his action was entirely
voluntary; but I think if we had attempted any such arrangement, no such
discussion would have taken place, as I have hitherto been unable to dis­
cover any such points between us. W ith regard to the authorities to whom
I am willing to appeal— they are the every-day facts, which may be seen
and read o f all men who walk the earth with their eyes open, which I think
Professor Smith might have perceived before this, if he had not been will­
fully blind. Although discussing the principles o f “ free trade,” in the only
proper sense o f the terms, and being thoroughly convinced that the practice
o f these principles is the only rational course for society to pursue, I consider
myself bound by no authorities but the principles o f truth.
Adam Smith, Malthus, Ricardo, and the rest, Chalmers included, have all
done much for the science o f Political Economy, and yet I could not take
any one, or all o f them, as the exponents o f my views, notwithstanding I
may hold many opinions in common with each. It is high time society
cast off its leading-strings, and endeavored to go alone in its search after
truth. W e must try theories by facts and not facts by theories. It would
be more to the purpose, if m y opponent could show that m y facts and
theories are inconsistent in themselves, than to trouble himself whether
they agree with Smith, Ricardo, &c., or whether they agree with me.
Upon the subject o f Mr. Carey, Professor Smith thinks, “ he ought to have
no further discussion with me,” because I have not read his works. N ow I
have at times read considerable portions o f his most important conclusions,
in the reviews and the Protectionist organs generally, though I do not say
this by way o f apology, for I am somewhat inclined to the opinion o f Sydney
Smith, that when we know the ultimate issues and conclusions o f an author,
being perfectly satisfied that they are contrary to the known facts o f the
case, it is hardly necessary that we should examine his premises, it matters
not whether he has derived his erroneous conclusions from false premises or
false reasoning. Although m y opponent, as well as all other protectionists,
has made great parade o f “ the immortal work o f Adam Smith,” 1 suspect
he would be as ready to repudiate his implicit authority as the free tra­
ders can be. Let us quote a passage and see how it will fit Mr. Carey’s
theory, who, according to Professor Smith, is the next greatest political
economist. In his chapter on the profits o f stock, speaking o f the colony of
America, he says:
F re em an H unt,

* This a rticle h a s b e e n o n h a n d , a n d u n a v o id a b ly c r o w d e d o u t, fo r th e last t w o o r th re e m onths,
the p ress o f m a tter c o m p e ls us to d i v id e it in to t w o pa rts. The s e c o n d in stallm en t w ill a p ­
p ea r i n th e n u m b e r fo r May.—E d . M e r c h a n t s ’ M a o .
and n ow




The Law o f Progress in the Relations o f Capital and Labor.

449

“ A s t h e c o l o n y increases, t h e p r o fits o f s t o c k g r a d u a l l y diminish. W h e n
the most fertile and best situated la n d s h a v e b e e n a ll o c c u p i e d , less profit
c a n b e m a d e b y t h e c u lt iv a t io n o f w h a t is inferior, b o t h in s o il a n d s it u a ­
t io n , a n d less interest c a n b e a ffo r d e d fo r t h e s t o c k w h ic h is s o e m p l o y e d .
In the greater p a rt o f our colonies, accordingly, both the legal and the mar­
ket rate o f interest have been considerably reduced during the course o f the
present century
H ow does this agree with Mr. Carey’s theory o f cultivation ? or with his
superior relative increase of food ? The Professor says he “ thinks himself
able to show, that I cannot sit comfortably under the teaching o f any one
o f the parties he has named,” and further, “ that there is not one o f them
who has not made fatal concessions, and been betrayed by the necessities of
a false system into flagrant inconsistencies.” He appears to have forgotten
that it was himself, and not I, who appealed to them. I can only afford to
be accountable for what I say myself, and not for the errors of others, who
may have advocated or originated the same theories. I have myself made
the same charges against th em ; but that cannot alter facts. And the
science which each of them has assisted to establish is nevertheless a great
fact, and the germs o f the whole are to be found in the “ W ealth of Na­
tions.” A nd 1 fearlessly say, that if the works o f these authors are to be
repudiated en masse, Adam Smith’s work is a wholesale fallacy. They must
stand or fall together. Although it must be admitted, that even Adam
Smith had his inconsistencies and mistakes, that can only affect the logical
character o f his work, not its general tendency.
N o w i f th e P ro fe s s o r c o u ld

sh ow

th a t A d a m S m ith h a d a n y w h e r e c o n ­

t r a d i c t e d t h e p a s s a g e I h a v e q u o t e d , t h a t w o u ld
it w o u l d s till

be

a n u n a lt e r a b le , u n d e n ia b le

n o t m a k e it t h e le ss t r u e ;

fa ct.

N e ith e r c o u ld

a n y e v il

a rise fr o m s u c h a c ir c u m s t a n c e a t p r e s e n t , a s t h e s c ie n c e o f p o l i t i c a l e c o n o m y
is n o w p r e t t y w e ll e s t a b l i s h e d ; t h e r e fo r e t h a t fe e lin g o f t e n d e r n e s s e x p r e s s e d
by

C o m e r t o h is fr ie n d , w it h r e g a r d t o t h e e r r o r s o f t h e “ W e a l t h o f N a ­

t io n s ,” d o e s n o t n o w e x is t .

The

fe r e n c e h e h a s d r a w n

t h a t c ir c u m s t a n c e , a s is

fr o m

P r o f e s s o r is e n t ir e ly m is t a k e n in

t h o s e a c q u a in t e d w it h t h e h is t o r y o f t h e s c ie n c e .
a fte r t h e p u b lic a t io n o f t h e “ W e a l t h
a s a s e c t, w e r e

sn eered

in ­

F o r m o r e th a n f o r t y y e a r s

o f N a t io n s ,” t h e p o lit ic a l e c o n o m is t s ,

a t, r id ic u le d , t r e a t e d

t o c o r r e c t t h e e r r o r s o f its fo u n d e r ?

th e

e a s ily p e r c e p t ib le b y

a s fa n a t ic s .

W a s t h is a t im e

I t h in k n o t .

But to proceed. Professor Smith appears to be rather dissatisfied with
the proposition in which I endeavored to controvert his assertion that “ the
cost o f transportation falls upon the producer; but the way in which he
has treated it, appears calculated to confuse rather than to elucidate. After
repeating a part o f my proposition, he says: “ This is the way It. S. solves
the question, for the buyer; but how is it with the seller? W h en he is
obliged to take $25 an acre for a farm of the same quality as another which
sells for $100 per acre, because the latter is at less cost for transportation,
does he not lose IT 5 per acre in paying the expenses o f transportation for
his successor?” This is indeed a very sensible question, and well worthy of
a “ protectionist.” How can a man lose that which he never possessed ?
and of course that which never cost him a cent ? Did not the original pur­
chasers pay the same price ? and was not the city located and built without
any expense to either ? But it happened to be a hundred miles nearer to
the farm of one man than to that o f the other. But if the city had not been
built, both farms would have remained equally useful, and at the same
VOL. xxvi.— no. iv.
29




450

The Law o f Progress in the Relations o f Capital and Labor.

price. How then could one lose what the other gained? Simply, an acci­
dental circumstance had caused one farm to gain in value, while the value
o f the other remained stationary. The case put to me by the learned Pro­
fessor is simply ridiculous. O f course the building o f a railroad would en­
hance the value o f the farm, whether built by the owner or by others, in the
same ratio as building a city so much nearer the farm, as would cause an
equal saving in the cost o f carriage o f the produce.
The Professor kindly states, that he witnessed “ two instances in the same
State, in which the completion of a canal, in the one case, and o f the open­
ing o f a railroad in the other,” which increased the price of corn from fifteen
to twenty-five cents a bushel at o n ce ; and then asks, “ W h o had previously
paid the difference of ten cents, if not the producer?” Now the Professor
appears to me to have gotten into a small dilemma. In his former article
he told us, that rents and profits are “ very much simplified when we come
to see, that the rent o f land is but the profit on capital expended in pro­
ducing its existing condition.” Now, taking this principle for our guide, we
come to the conclusion, that the man who sold his farm for $25 an acre ob­
tained its full cost, and did not pay “ the expenses o f transportation for his
successor,” because he had not expended more in producing its existing
condition.
Nor did the farmer who. sold his corn for fifteen cents a bushel
before the railroad was built, lose the ten cents which was added to the price
afterward; the consumer in the neighborhood had previously retained it
in his pocket; but when the railroad was opened it enabled the landowner
to lay a tax upon him to that extent. In affirming the fact o f the
influence o f extraneous improvements upon the value of the produce of
the land, the Professor has acknowledged the principle o f rent, which entire­
ly oversets Mr. Carey’s theory. The railroad, like the city, increases the
value of the farm, without a cent o f expense to the proprietor; and no
other kind o f capital is in the same position. But perhaps the Professor
may say, that if the price were increased at one end o f the railroad, it would
be decreased at the other.
I f that were the case, which I believe has seldom if ever been observed,
it would quickly react, in an increase of population and the widening of
the bounds o f the city, so that prices would again reach the maximum, and
rent would increase; and eventually no person would be benefited but the
owners of land. A singular mental obliquity of vision must have seized the
learned Professor, since he read the great authors “ for his sins,” for he dis­
courses very earnestly upon the subject o f our apostacy from Adam Smith,
as if anything o f the kind had really occurred, and of the beautiful consis­
tency o f Mr. Carey. I have before shown that it was merely an inad­
vertency o f Adam Smith, with respect to the superior profit of the home
trade. H e appears to have been a little too anxious to leave nothing
for his successors to achieve. If he had given due weight to the great
principles which he enunciated, and not descended so much into detail,
he would have escaped other contradictions besides that so often quoted
by the “ protectionists.”
Let us quote another passage from the “ Wealth o f Nations,” in addi­
tion to that we have quoted above, which enforces the two principles in
dispute, (free trade and rent,) which our opponent has deliberately denied
although he has inadvertently admitted the last, and then we shall see
who are the apostates. The quotation is as follows : “ Monopoly, besides,
is a great enemy to good management, which can never be universally




451

The Law o f Progress in the Relations o f Capital and Labor.
e s t a b lis h e d

but

w h ic h fo r c e s
fe n c e .

in

con seq u en ce

everybody to

have

o f th a t

fr e e and universal

r e c o u r s e t o it fo r

c o m p e t it i o n

th e sak e o f

s e lf- d e ­

I t is n o t m o r e t h a n fift y y e a r s a g o , t h a t s o m e o f t h e c o u n t ie s in

th e n e ig h b o r h o o d

of

L ondon

p e tit io n e d th e

p a r lia m e n t a g a in s t t h e e x ­

t e n s io n o f t h e t u r n p ik e r o a d s

in t o t h e r e m o t e r c o u n t ie s .

c o u n t ie s t h e y p r e t e n d e d , f r o m

th e ch ea p n es s o f

T h ose rem oter

l a b o r , w o u l d b e a b le t o

s e l l t h e ir g r a s s a n d c o r n c h e a p e r in t h e L o n d o n m a r k e t t h a n t h e m s e lv e s ,
a n d w o u l d t h e r e b y r e d u c e t h e ir r e n t s a n d r u in t h e ir c u lt iv a t io n .

rents,

h ow ever,

have risen,

T h e ir

a n d t h e ir c u lt iv a t io n h a s b e e n im p r o v e d s in ce

t h a t t i m e .”
In

th is

p aragra ph

c ip le s t h a t

we

w e see, th a t A d a m

con ten d

fo r ,

A d a m S m it h a n d t h o s e w h o

and

w h ic h

S m it h

c o n t e n d e d fo r

M r. C a rey has

i m m e d i a t e l y f o l l o w e d h im

th e

p r in ­

r e p u d ia t e d .

d id

If

n o t c o r r e c tly

p e r c e iv e t h e w o r k i n g o f t h e g r e a t p r in c ip le s l a i d d o w n , u n d e r a ll c i r c u m ­
stan ces, a n d
t h a t is n o

d i d t h e r e fo r e , in s o m e s m a l l m a tt e r s , c o n t r a d i c t

reason th a t w e, w h o h a v e

tio n , s h o u l d g i v e t h e m

s u p e r io r

t h e m s e lv e s ,

o p p o r t u n it ie s o f

observa­

u p ; e s p e c ia lly w h e n w e h a v e s u c h c o n c lu s iv e a n d

v o l u n t a r y e v id e n c e , g i v e n

b y o u r o p p o n e n t s , t h a t t h e fa cilitie s o f a r a ilr o a d

o r a c a n a l w ill a d v a n c e t h e p r ic e o f a g r ic u lt u r a l p r o d u c t s fu ll s ix t y p e r c e n t ;
a n d t h e r e fo r e t h e v a lu e o f t h e la n d i t s e l f ; a n d w i t h o u t a fr a c t io n o f e x p e n s e
t o t h e la n d o w n e r .

I t is a

lit t le t o o m u c h

p r in c ip le s m e r e l y b e c a u s e t h e p io n e e r s

to e x p e ct us t o

g iv e

u p th ese

o f t h e s c ie n c e h a p p e n e d in s o m e in ­

s t a n c e s t o b e as in c a p a b le o f l o g i c a l d e d u c t i o n a s P r o f e s s o r S m it h h im s e lf.

The Professor proceeds: “ R. S. rather intimates that this is a matter o f
ren t; but his great men since Adam Smith will tell him, that rent has
nothing to do with price." Now, such mere evasion is certainly unworthy
o f so grave and important a subject; and I think it would put him to
some trouble to find any such assertion in any o f the authors he alludes to.
I f rent has nothing to do with price, price has something to do with rent.
From this point the Professor fills four or five pages o f your valuable space
with figures and vague speculations, in an attempt to mystify the plain
tendency o f the Lowell statistics. After stating the case in his own way,
showing that wages had relatively decreased, he goes on to s a y : “ There is
a difference in the way the same facts may be stated. According to my
notion, this shows, that by dint o f increased skill and improved machinery,
one hundred and forty workmen have become able to tend a quantity o f ma­
chinery represented by two hundred, instead o f only one hundred and forty,
which would have exhausted their capacity if they had continued no more
efficient than in 1840.” Now, I care as much about Professor Smith’s no­
tions as I do about the mere notions o f Malthus, Ricardo, and others; neither
do I think the readers o f the Merchants' Magazine will care much about
them, when they are opposed to facts which contradict them. The plain
state o f the case is, that the Lowell manufacturers have, within the last ten
years, found it extremely difficult to compete with the European manufac­
turers, and within the last three, they have found themselves so pressed by
competition that, to obtain any profit upon their capital, they have been
obliged to give to each hand nearly double the amount o f machiney to
tend for a less amount o f wages, and when this system could be carried no
further, and wages could not be reduced any lower, the mills were either
stopped or worked at a loss. But it is unnecessary to dwell longer upon
this point as your readers are well aware o f the circumstances. After ad­
mitting that one hundred and seventy-five yards must be sold in 1850 for




452

The Law o f Progress in the Relations o f Capital and Labor.

what in 1840 would have purchased but one hundred and thirty-one, show­
ing an enormous decrease in the rate o f profit, from the loss o f the price o f
the raw material consumed in the extra forty-four yards, besides the interest
on the capital invested in the extra machinery, the Professor enters into a
calculation to show what might, could, would, or should have been, if such
an amount o f capital, and such an amount o f labor had been employed,
and such a price paid for the cloth, that it would have produced “ more than
6 per cent (accurately SOI 81 on S i,000) on the increase o f capital, over
and above the old rate o f profit on the original capital. If formerly the
rate o f profit was 0 per cent, under the new state o f things it would have
been more than doubled.” Now, I presume these calculations were made
and inserted to show the Professor’s efficiency in figures, as I do not know
any other useful purpose which they could possibly promote. People, how­
ever, do not want to know what might have been done, but what has been
done. The Professor wisely remarks, after he has brought this superfluous
calculation to an end, that “ no man requires to be told that no such thing
has happened,” as this increase o f profit. Besides, as he says :— The tend­
ency o f things, as Ricardo and his school tell us, is to a constant fall in the
rate o f profit.” (?) D o not Adam Smith and his school tell us the same
thing? because if they do not, they do not speak the truth. W e have
next a few pages to show “ what would naturally come to pass,” under the
circumstances o f increased production, but it will not be necessary to say
much upon this point. The Professor assumes that the increased quantity
o f cloth manufactured at Lowell within the last ten years, calculated at
27,000,000* yards per week, has been so much “ clear gain to the human
race,” but he afterward admits that 25 per cent ought to be deducted on
account o f extra capital em ployed; yet it still appears to me that there is
another small item to be deducted— say 30 or 40 per cent— for raw mate­
rial, which makes considerable difference in “ the clear gain to the human
race.” In his zeal to show the wonderful benefits o f this increased produc­
tion o f cotton cloth, the Professor appears apt to forget small items.
I
would be the last person to undervalue improvements in machinery and in­
creased production, when they happen in the natural course o f events, but
when they are forced on by doubling the amount o f machinery to each hand,
and working it thirteen-and-a-half hours a day for less than the former
amount o f wages, I cannot consider it beneficial to the human race. The
Professor states, upon the authority o f an article in the Merchants' Magazine,
(January, 1850,) that “ in 1814 a woman’s laborforon e week would enable
her to buy but one yard of ticking. Now it will buy twenty-three yards.
Then she earned two yards o f sheeting with a week’s work— now thirty-five,
&c. W om en’s wages have risen nearly or quite three-fold, and men’s have
doubled.” W e must still remind the Professor o f the trite old aphorism,
“ It is not all gold that glitters.” If manufactures are much cheaper in
money price than they were a quarter o f a century ago, we need not forget
that they are also much less durable. The calicoes, tickings, and sheetings
o f that day would wear two or three times as long as those of the present;
consequently, an extra amount o f labor would be required to furnish any
one of those articles for a given time, which must be added to the price, so
that the saving is not quite so great as it is assumed to be. Eut we are
* Why did not Professor Smith take the increase o f cloth at fifty millions as stated in the tables,
instead of taking the trouble to calculate the amount. I presume he saw the discrepancy in the
wages 1 mentioned.




The Law o f Progress in the Relations o f Capital and Labor.

453

t o l d t h a t w o m e n ’s w a g e s h a v e t r e b l e d a n d m e n ’ s d o u b l e d ; o f c o u r s e p a i d in

fa ctory.

B u t a s i t h a p p e n s t h a t n e it h e r w o r k i n g w o m e n n o r w o r k i n g m e n

a r e l i k e l y t o r e q u ir e u p o n t h e a v e r a g e m o r e th a n a t h ir d o f a w e e k ’ s p r o d u c ­
t io n p e r h a n d , I d o n o t s e e t h a t e v e n t h e o r e t ic a lly t h e y w o u ld b e v e r y m u c h
b e n e fit e d , t a k i n g

q u a lity

i n t o c o n s id e r a t io n .

I t is e a s y t o s a y : “ W h a t h a s

h a p p e n e d a t L o w e l l h a s b e e n h a p p e n i n g o v e r t h e w o r ld f r o m t h e b e g i n n i n g
o f t im e , a n d w h a t is t r u e o f t h e e ffe c t o f im p r o v e m e n t s in t h e s p i n n i n g o f
c o t t o n is t r u e in e v e r y o t h e r d e p a r t m e n t o f in d u s t r y .”
T h a t i m p r o v e m e n t s h a v e b e e n g o i n g o n in o t h e r d e p a r t m e n t s o f m a n u ­
fa ctu r e I a m w illin g t o a d m i t ; b u t I c o u ld

n o t a llo w th a t th e se im p r o v e ­

m e n t s a r e o f t h e s a m e g e n e r a l im p o r t a n c e .

I f silk s , sa tin s , a n d v e lv e ts a re

c h e a p e r , w h a t d o e s t h a t b e n e fit t h e w o r k i n g c l a s s ?

T h e c lo th s o f w o r k in g

p e o p l e fo r m b u t a s m a ll p a r t o f t h e ir c o n s u m p t io n , a n d i f a litt le d e a r e r in
p r ic e a n d m o r e d u r a b le , t h e y a r e c h e a p e r in t h e e n d .

B u t th e g re a te r p a rt

o f t h e i r c o n s u m p t io n in c r e a s e s in p r i c e c o n t i n u a l l y — f o o d , fu e l, h o u s e -r e n t ,
& c .;

w h ic h m o r e th a n

b a la n c e t h e i m p r o v e m e n t s in m a c h i n e r y .

o p p o n e n t t e lls m e t h a t i m p r o v e d m a c h i n e r y is a ls o

a p p l ie d

But m y

t o t h e c u lt iv a ­

t io n o f th e l a n d ; a n d th e p ro d u c ts o f t h e s o il a re t h e r e b y in c r e a s e d ; b u t
t h a t in c r e a s e w ill b e f o u n d

t o b e e x t r e m e ly l i m i t e d ; b e s id e s t h e r e a r e o t h e r

c ir c u m s t a n c e s w h ic h m o r e t h a n a b s o r b t h a t in c r e a s e .

I f m y m e m o r y serves

m e c o r r e c t l y , n o t h a v in g t h e d o c u m e n t a t h a n d , M r . E w i n g s a y s , in h is r e p o r t ,
“ t h a t t h e l a n d in t h e S t a t e o f N e w Y o r k

has

been

im p o v e r is h e d t o th a t

e x t e n t , t h a t it w o u ld r e q u ir e o n e h u n d r e d m illio n s o f d o lla r s t o r e p la c e its
fe r t ilit y ; a n d t h a t s o m e c o u n t ie s r o u n d t h e c a p it a l o f t h e S t a t e d o n o t p r o ­
d u c e u p o n th e a v era g e, m o r e

th an

seven

b u s h e ls , o r s e v e n a n d

p e r a c r e ,” w h ic h n o d o u b t a f e w y e a r s a g o

a h a lf, p e r

p r o d u c e d fiv e t im e s a s m u c h .

N e i t h e r is it p o s s ib le fo r u s t o a n n ih ila t e s p a c e , n o r t o c r o w d t w o c r o p s i n t o
o n e s e a s o n ; a n d w h e n t h e p o p u l a t io n o f c it ie s in c r e a s e s , i t b e c o m e s n e c e s ­
s a r y t o d r a w s u p p lie s o f f o o d a n d o t h e r n e c e s s a r ie s fr o m a g r e a t e r d is t a n c e ,
a n d t h e e x t r a c a p it a l a n d l a b o r e m p l o y e d m u s t b e

o f price ,

b y th e con su m er.

p a id f o r in t h e

increase

A n d t h o u g h im p r o v e d m a c h in e r y a n d im p r o v e d

m e t h o d s a r e u s e d in c u lt iv a t io n , it is n o t a n e a s y m a tt e r , w it h a ll t h e e x t r a
l a b o r r e q u ir e d , t o r e a c h t h e o r ig in a l fe r t ilit y , a ll a n im a l b o d i e s b e i n g a b ­
s t r a c t e d f r o m t h e s o il.

T h u s w e h a v e t h e p h e n o m e n a o f t h e p r ic e s o f m a n u ­

fa c t u r e s a n d t h e p r ic e s o f f o o d o p e r a t i n g in a n in v e r s e r a t io t o e a c h o t h e r .
B u t o u r o p p o n e n t t e lls u s , t h a t “ e v e r y w h e r e , a s p o p u l a t io n h a s g r o w n , c a p ­
it a l h a s g r o w n w it h it ,
b e t t e r t o o l s .”

butfaster,

a n d t h a t c a p it a l h a s c o n s is t e d o f m o r e a n d

I t m u s t b e a d m it t e d t h a t c i r c u la t in g c a p it a l, a s it is c a lle d ,

h a s b e e n w o n d e r f u l ly in c r e a s e d , a n d m a y b e in c r e a s e d
b u t its p o w e r s a r e l i m i t e d b y t h e
under

p r in c ip le s

a lm o s t t o a n y e x t e n t ,

o f n a tu r e , a n d its

contribution f o r the benefit o f the landowner.

profits

la id

I f a n y r e a s o n a b le p e r ­

s o n , b e s id e s m y o p p o n e n t a n d M r . H e n r y C . C a r e y , h a d a n y d o u b t u p o n t h e
m a tt e r , w e m i g h t t r e a t t h e s u b je c t a t l e n g t h , b u t a f e w w o r d s w ill s u ffic e .
It has been

observed

b y a ll p o l i t i c a l e c o n o m is t s , t h a t t h e r a t e

o f p r o f it

c o n t i n u a l l y d e c r e a s e s , a n d t h e fa c t is a d m it t e d b y P r o f e s s o r S m it h , b u t t h e
d is p u t e b e t w e e n u s is, a s t o w h o lo s e s t h e d iffe r e n c e .
th e

hands

at L o w e ll h a v e

c l o t h m o r e in

each

W e h a v e seen th a t

b e e n r e q u ir e d t o p r o d u c e fo r ty -fo u r y a r d s o f

w e e k , fo r le s s t h a n t h e fo r m e r a m o u n t o f w a g e s , a n d

w h e n t h is o p e r a t io n c o u l d b e c a r r ie d n o fu r t h e r , t h e m ills e it h e r c e a s e d w o r k
o r w o r k e d w it h o u t p r o fit.

B u t P ro fe s s o r S m ith m o s t in g e n io u s ly e n d e a v o rs

t o t o r t u r e t h is in t o a n in c r e a s e o f w a g e s , a n d s a y s : “ W h a t h a s h a p p e n e d a t
L o w e ll h as

b e e n h a p p e n in g




o v e r t h e w o r ld

fr o m

t h e b e g i n n i n g o f t i m e .”

454
I f his

Journal o f Mercantile Law.
v i e w w e r e c o r r e c t , t h e w o r k i n g c la s s o u g h t b y th is t i m e t o h a v e b e e n

in t h e m o s t e n v ia b le
m is e r a b le .

c o n d i t i o n , in s te a d

A d m ittin g

o n a ll o v e r t h e

o f b e i n g , a s in m o s t c o u n t r ie s , m o s t

t h a t t h is k in d o f in c r e a s e o f w a g e s h a s b e e n g o i n g

w o r ld , t o

w h a t w ill it a m o u n t ?

s ilk s , v e lv e ts , m u s lin s , a n d r ib b o n s , <fcc., h a v e

T h e w e a v e r s o f c a lic o e s ,

a ll a n d

each

b e e n p r o d u c in g

m o r e fo r t h e s a m e o r le ss m o n e y , s o t h a t e a c h c a n c o m m a n d a l a r g e r a m o u n t
o f t h e s e p r o d u c t s fr o m t h e o t h e r in e x c h a n g e ; b u t w e h a v e o t h e r d iffic u lt ie s ,
w h ic h P r o f e s s o r S m i t h h a s n o t d e i g n e d t o n o t ic e .
a n d h o u s e -r e n t in c r e a s e .

On

The

p r ic e s o f fu e l, f o o d ,

t h e o t h e r h a n d , t h e c a p ita lis t ’ s r a t e o f p r o f it

d im in is h e s , a n d y e t h is c a p it a l in c r e a s e s in a b s o lu t e a m o u n t .

W e s h o u ld

n a t u r a lly s u p p o s e t h a t w h e n a m a n d o u b l e d h is p r o d u c t s , h e w o u ld d o u b l e
h is p r o fits , b u t in t h is c a s e h e

d o u b l e s h is p r o d u c t s a n d

reduces

h is p r o f i t s ;

a n d t h e c a p it a lis t , b e i n g in t h e s t r o n g e s t p o s it io n , n a t u r a lly t h r o w s t h e lo ss
u p o n t h e o p e r a t iv e , a n d w h e n h e c a n n o l o n g e r d o t h a t , h o lo s e s h is c a p it a l.
N o w , i f t h e r a t e o f p r o f it o n c i r c u la t in g c a p it a l c o n s t a n t ly
m u s t b e s o m e r e c ip ie n t o r a b s o r b e n t
cre a se d p r o d u c tio n , b u t a

little more.

w h ic h

d ecrea ses, th ere

s w a llo w s u p , n o t o n l y

th e in ­

I t is s in g u la r t h a t p e r s o n s w h o a d m it

t h a t t h e fu n d o u t o f w h ic h t h e la b o r e r s ’ w a g e s a r e p a id , c o n s t a n t ly d i m i n ­
is h e s , s h o u l d

assu m e th a t th e

natural

la w

s h a r e o f it, w i t h o u t a n y e ffo r t o f h is o w n .
w it h t h e p r in c ip le

of

o f p ro g re ss s h o u ld
B u t w e have

not

in c r e a s e h is
q u ite

done

r e n t.

JOURNAL OF M E R C A N TIL E L A W .

COMMON C A R R I E R S — IM P O R T A N T C A S E .

In the Supreme Court o f the State o f Louisiana. The Court met Monday,
December 15th, 1851. Present their H onors: P. A. Rost, Thomas Slidell, and
Isaac T. Preston, Associate Justices; His Honor George Eustis, Chief Justice,
being absent.
Horatio Eagle, et als. app’ees, vs. J. and J. Tardos, app’t s ; and J. and J.
Tardos, app’ts vs. bark Tennessee, Captain and owners. Appeal from the
First District Court o f New Orleans. No. 2329.
In this cause, the Court this day delivered their opinion in writing in the
words and figures following, to w it:
The defendants were the consignees o f certain casks o f wine brought in the
Tennessee, the plaintiff’s vessel, from Marseilles to New Orleans. There were
cross suits by the vessel for her freight, and by the consignees for damage to
the goods, which suits were consolidated.
Upon the arrival o f the casks they were examined by the port-wardens, who
reported a portion o f them “ to be badly stained, discolored, and soiled by
grease and sea-water, so much so, in their opinion, as to render them unmer­
chantable.” This condition o f the casks is also shown by other testimony. A
witness, offered by the plaintiffs, on his cross-examination states “ that the casks
were very greasy— the grease was running on them.” It also appears that such
a condition o f casks, though it does not injure the wine, affects the sale.
The vessel on previous voyages had carried lard. This article leaks; the
flooring and timbers became saturated with it, and it is very difficult to clear
the vessel o f it entirely. Before the Tennessee took in her cargo her hold was
scraped and limed; but it is obvious from the result, she could not have been
entirely cleaned.
Immediately after leaving the port o f Marseilles, the vessel encountered very
stormy weather, which caused her to leak; and being obliged to carry sail to
keep off the land, she laid over a good deal, so that the pumps could not reach




Journal o f Mercantile Law.

455

the water she made. The water and grease washed upon the casks, and they
became damaged in the manner above stated.
It is said that this was an injury by perils o f the sea, for which the vessel
should not be charged. So far as the sea-water stained the casks we think the
ship should not answer for it. But there was another co-operating cause o f
damage. The lard in the ship’s hold, being washed up with the water, attached
itself to the casks, and put them in the greasy condition described by the wit­
nesses. The injury of the casks was directly promoted by the greasy condition
o f the ship. If the ship had been clean, the injury would have been different in
its character, and as we may fairly infer from the evidence, less in its pecuniary
amount. W e are forbidden therefore to attribute the whole damage to perils
o f the sea; on the contrary, we must set a portion o f it down to the defective
condition o f the vessel, and the vessel must answer for such damage as was oc­
casioned by that defect.
Let us take a parallel case by way o f illustration. The vessel is undoubtedly
answerable for the damage attributable to bad stowage. Suppose a vessel so
stored, that the goods would be safe in ordinary weather, but for want o f proper
dunnage would suffer in a gale o f wind. A gale occurs causing the vessel,
which before was tight and strong, to spring a leak, and the goods are injured
by contact with salt water. But in addition thereto, they get knocked about in
the vessel’s hold, and broken, and this damage under the evidence is clearly at­
tributable to bad storage, and would not have occurred if the storage had been
good. The ship would not be liable for the damage by salt-water; but it
would be clearly unjust to exempt her from the damage arising from bad stowage.
W e consider an allowance o f two dollars per cask as sufficient to cover the
proportion o f damage occasioned by grease, which, deducted from the freight,
will leave a balance o f $22,07 cents in favor o f the ship.
It is therefore ordered, adjudged, and decreed, that the judgment o f the Court
below be reversed; and that the said Horatio Eagle, Wm. N. Hazard, and
Albert Cook, receive from the defendants, J. and J. Tardos, the sum o f twentytwo dollars and seven cents, ($22,07,) the plaintiff to pay the costs o f the appeal,
the costs o f the proceedings in the Court below, hitherto incurred, to be borne
equally by the parties, and the costs o f executing this decree to be paid by the
defendants.
Clerk’ s office, New Orleans, January 23d, 1852. A true copy.
(Signed)

J. McCULLOGH.

Messrs. Miles Taylor and Nephew, for Tardos.
Wheelock S. Upton, for
Eagle & Hazard.
W e give above the decree in a case which is o f no little moment to our ship
owners. If “ stains and discolorations” upon the outside o f a cask o f claret,
are to be held as making such property unmerchantable, and the carrier is to
lose his freightage, and answer in damage, it is time that our ship owners should
change the terms o f their bills o f lading at once.
It is well known that a new ship, the timbers o f which are green, will in
“ sweating” or “ blowing” make stains or discolorations to the outside o f pack­
ages. So will a ship that has carried sugar— molasses which has leaked, or
coal, or tar, or many like cargoes, for it is next to impossible, with all care, to
make a ship’s hold at once, and for the return voyage, so clean from the leakage
and impurities attending such freight, that the “ dangers o f the sea” may not
cause them to make “ stains.”
The owners o f the “ Tennessee” reside in this city, and the ship is said to be
o f a high class; and the captain, we are told, is skillful in his vocation.
W e see by the record o f the cause, that the Chief Justice was absent at the
time the ease was tried, and that the Judge o f the District Court gave a con­
trary judgment. Perhaps the case will not be regarded as a precedent; but it
is well that ship owners should know the risks they run in taking a cargo of
lard from New Orleans.
W e are told that the insurance companies in France, where the cargo o f claret
was insured, paid the damage to the plaintiffs, as soon as they were aware of the




456

Journal o f Mercantile Law,

judgment in the lower Court, and before the judgment above had been rendered.
If this be so, o f course the plaintiffs will return it, greatly to the astonishment of
the French insurers at the decree o f a Louisiana Court.
B A N K R U P T C Y -----D ECISION IN T H E

LAW

OF P A R T N E R S H IP .

In the Liverpool (England) Court o f Bankruptcy, Jan., 1852. Re Battersby
and Telford.
A petition was presented by the assignees, praying the Court to declare
whether certain assets inserted by the bankrupts in their respective separate
balance-sheets belonged to the joint estate, or to the respective separate estates.
It was heard on a former day before Mr. Commissioner Stevenson. Mr. Bell,
solicitor, appeared for the assignees, and, after stating the facts, submitted to
the judgment of the Court. Mr. Hull, solicitor, appeared and argued the case
on behalf o f the creditors on the joint estate.
His Honor having taken time to consider the case, now delivered the follow­
ing judgment:— The questions raised by the petition presented by the assignees
under this bankruptcy apply to the following assets, viz., two sets of goods re­
ferred to, in the separate balance-sheet of Battersby as part o f his separate estate,
and valued at the respective sums of £90 12s. and £3 6 2s. 9d. ; also a sum of
£109 15s. 6d. referred to in the separate balance-sheet o f Telford as part of his
separate estate, and stated to be the produce o f goods consigned to Messrs.
Booker, o f Demerara, and a sum o f £104 14s. 8d., also referred to in Telford’s
separate balance-sheet as other part of his separate estate, and stated to be the
proceeds o f stock sold by Messrs. Tonge, Curry, & Co.
To all these assets the joint creditors claim to be entitled, as being goods and
proceeds of goods belonging to the joint estate o f the two bankrupts, but to
which a counter claim is set up on the part o f the respective separate creditors
o f the bankrupts in whose respective separate balance-sheets these assets are
referred to, upon grounds hereafter adverted t o ; and the petitioners seek the
direction o f the Court as to the class o f creditors amongst which these assets
ought to be distributed.
As to the goods referred to in Battersby’s separate balance-sheet, and valued
at the sums o f £ 90 12s. and £ 3 6 2s. 9d., it is admitted they were clearly part of
the partnership property at the time o f the dissolution of the partnership ; and
as to the goods consigned to Messrs. Booker, the produce whereof was £109
15s. 6d.,and the stock sold by Messrs. Tonge, Curry, & Co., o f which the sum of
£104 14s. 8d. was part o f the net proceeds, it is doubtful what portions o f these
goods and stock belonged to the partnership at the time o f the bankruptcy,
though I understand it to be clear that some portions did so belong to the part­
nership ; and, in order to ascertain what these portions are, some further inquiry
is yet necessary to be made. But, for the present, I propose to consider the
questions raised as applicable to some portions of these goods and stock, ns
well as the other assets before referred to, leaving the assignees to apply the
principle o f my decision to these portions when ascertained.
The claims o f the respective separate creditors to these assets are founded
upon two grounds : 1st. That, although they were orginally partnership pro­
perty, yet, under the arrangement made in respect of them by the terms o f the
dissolution o f the partnership, these properties, which were in the possession of
the respective bankrupts at the time of, and subsequent to, the dissolution, be­
came converted into the separate estate o f each such bankrupt.
2d. That
supposing such conversion did not take place, yet that such of these properties
as were in the possession of such bankrupt at the time of their bankruptcy, were
subject to be disposed of for the benefit o f their respective separate creditors, as
having been at that time in their respective orders and dispositions, within the
meaning o f the 125th section of the Bankrupt Law Consolidation Act. As to the
first ground upon which the claims o f the separate creditors are founded, it ap­
pears, by the agreement made on the dissolution o f partnership, that the terms
in reference to this subject were as follow s:— That the stock and fixtures of the
partnership were to be valued by two disinterested parties mutually chosen; the




Journal o f Mercantile Law.

457

book debts to be collected by Battersby, and applied by him in payment o f the
debts owing by the firm; that the property which had been removed by Bat­
tersby, (and which I understand to be the same as that referred to in his sepa­
rate balance-sheet, and valued at the sums of £ 90 12s. and £3G 2s. 9d.,) should
be taken by him at the market price o f the day, (valued as before), the purchase
money to form funds in his hands for payment o f the debts, and Telford was to
pay Battersby the value o f the property removed by him at a like price, and
which I presume formed part either o f the goods sold by Messrs. Tonge, Curry,
& Co., or o f those consigned to Messrs. Booker. That Battersby was to assign
his interest in the fixtures and stock to Telford on having a mortgage over them,
and an assignment o f a policy o f insurance on Telford’s life for £l,1 00 , or what­
ever might be due, and a judgment for the amount o f Battersby’ s interest, (de­
ducting a sum of £300, which Battersby was to sacrifice.) On the dissolution,
it would seem that all their joint properties, with the exception o f that part
which had been removed by Battersby, was in the possession o f Telford, and all
which, with the exception o f such parts as had been sold or disposed o f by Tel­
ford, continued in his possession until the sale thereof by Messrs. Tonge, Curry,
& Co., or as to such o f them as were comprised in the consignment to Messrs.
Booker, until such consignment thereof. The valuation o f the stock and fixtures
seems to have been made according to the agreement on the dissolution, and
Battersby has received part o f the partnership debt, but no assignment o f the
stock by Battersby, or mortgage thereof, or assignment o f life policy by Telford,
or judgment, appear to have been made or given according to tho terms o f the
dissolution. Now, although under agreement o f this nature by which the joint
assets of a partnership firm are proposed to be made over to the respective part­
ners, it has been held that such assets have become converted into the separate
estates o f each partner, and the joint creditors have no control over the property
so as to prevent such conversion from taking place to their prejudice; yet where
such agreements are executory, and all the material terms o f the contract have
not been satisfied, such conversion has not been considered to have been effect­
ed. (See exparte Wheeler, Buck 25, and see exparte Rowlandson, 1 Rose 416,
and exparte Barrow, 2 Rose 252.) Now, it appears to me that until the secu­
rities agreed to be given to Battersby were completed as legal securities, and
not merely resting upon equitable construction, the agreement in this case must
be deemed to be executory, and that such securities were o f sufficient import­
ance to prevent tho absolute conversion o f the properties in question into sepa­
rate estate from taking place until they were thus completed; and, consequently,
as these securities were given up to the time o f the bankruptcy, no such conver­
sion was effected, notwithstanding any dealings with them by the bankrupts
since the dissolution.
With respect to the second ground upon which the claims of the separate cre­
ditors are founded, I have felt some difficulty in determining whether the gene­
ral doctrine in bankruptcy as to reputed ownership witli consent can be applied
to such a case as the present, which appears to be attendant with some doubt ;
but considering that the possession, by each bankrupt, o f the separate chattels
was part of an arrangement, upon the faith o f which such possession was taken
and retained, after the dissolution, but which arrangement failed in being carried
out up to the time o f the bankruptcy, I do not think such a possession can be
deemed to be attendant with the necessary consent and other circumstances re­
quisite to bringing this case within the operation o f the 125th section referred
to in this subject; and with respect to the stock sold by Messrs. Tonge, Curry,
& Co., the prohibition against the sale given by Battersby in July, 1850, before
Telford’s bankruptcy, and the withdrawal o f such prohibition only upon the un­
derstanding given by Mr. Booker, on behalf o f Telford, and which is referred to
in this petition, must, I apprehend, be considered to have had the effect o f with­
drawing any consent or permission which might be deemed to have been
previously given to these goods remaining in the order and disposition o f
Telford.
For these reasons, I think that the ^-operties in question referred to in Bat­
tersby’s separate balance-sheet, and such parts o f the sums o f £109 15s. 6d.




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Journal o f Mercantile Law.

and £104 14s. 8d. referred to in the separate balance-sheet o f Telford, as shall
be ascertained to have proceeded from property which belonged to the partner­
ship between the bankrupts at the time o f its dissolution, must be considered to
be joint assets, and distributed accordingly amongst the joint creditors o f the bank­
rupts.
With regard to the question o f costs, I think that under the peculiar circum­
stances o f this case the costs o f the assignees of, and incident to, this petition
should be borne by the joint estate; and that the costs in this matter o f Messrs.
Finch, to whom with some separate creditors, it was thought expedient to give
notice o f this petition, but who alone appeared, and were heard by their solici­
tor, Mr. Hull, on behalf o f the joint estate, these also, I think, should be borne
by the joint estate.
CONCERNING P L E D G E S OF P R O M ISSO R Y N O T E S, STOCKS, M O V E A B L E P R O P E R T Y , E T C .,
IN L O U IS IA N A .

The following act passed at the last session o f the Legislature o f Louisiana
has become a law o f that State.
S ection 1. Be it enacted by the Senate and House of Representatives o f the
Stale o f Louisiana, in General Assembly convened. That when a debtor wishes
to pawn promissory notes, bills of exchange, stocks, obligations, or claims upon
other persons, he shall deliver to the creditor, the notes, bills o f exchange, cer­
tificates o f stock, or other evidences o f the claims or rights so pawned, and such
pawn so made, without further formalities, shall be valid, as well against third
persons as against the pledgors, if made in good faith.
S ec. 2. Be it further enacted, etc., That all pledges of moveable property may
be made by private writing, accompanied by actual delivery; and the delivery of
property on deposit in a warehouse, shall pass by the private assignment o f the
warehouse receipt, so as to authorize the owner to pledge such properly, and such
pledges so made, without further formalities, shall be valid, as well against third
persons as against the pledgors thereof, if made in good faith.
S ec. 3. Be it further enacted, etc., That if a credit not negotiable be given in
pledge, notice o f the same must be given to the debtor.
S ec. 4. Be it further enacted, etc., That in all pledges o f moveable property, it
shall be lawful for the pledgor to authorize the sale, or other disposition o f the
property pledged, in such manner as may be agreed upon by the parties, without
the intervention o f courts o f justice.
IN F O R M A L IT Y I N ' A

P R O M IS S O R Y N O TE.

In the District Court, (Philadelphia.) Before J udge S harswood . (Sept. 27,
1851.) Higerty vs. Higerty.
Rule fo r Judgment. The note sued on is in the singular number, “ I promise,”
but signed by two persons. Such an obligation is joint and several, as has been
held in Kinsely vs, Shenberger, 7 Watts, 193. The defendant one o f the promissors, alleges that he signed the note only as security for the other, and he adds,
“ that it was fully and distinctly understood at the time o f the said signing, by
all the parties, including the plaintiff, that he so signed not as maker, but as se­
curity.” lie then proceeds to aver that no legal steps had been taken against
the principal. The distinction between a surety and a guarantor, is well settled.
The hitter assumes but a collateral contingent liability. The engagement of the
former is an absolute, direct one, though in his character o f surety, he has cer­
tain equities which distinguish him from a principal debtor, in favor of whom the
consideration moves. Rudy vs. Wolf, 10, S. & R. 79; Johnson vs. Chapman, 3
P. R. 48. The only mode to be pursued by a surety, is a distinct positive call
upon the creditor to pursue the principal, with notice that unless he does so, the
surety will consider himself discharged. Cope vs. Smith, 8 S. & R. 116; Gurdiner rs. Ferns, 15 S. & R. 117; Greenawalt vs. Kreider, 3 Barr 267. All that
the defendant alleges, therefore, would not alter the case. He has certainly be­
come a party to a direct engagement to p:w the money, and admitting that he was
a mere surety, and that it was so understood by plaintiff, that cannot operate to




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Commercial Chronicle and Review.

change his positive, direct promise into a collateral one. In Craddock vs. Armer,
10 Watts 258, it was decided by the Supreme Court, that the marginal annex­
ation o f the words “ security for the fulfillment o f the above ” to the name o f a
joint promissor in a note, will not change his character o f promissor to that of
guarantor. And the Court there expressly put it on the ground, that these words
are not inconsistent with a direct engagement. “ They serve to note that he had
signed not as a guarantor, but as a security. They are not technical words in a
contract o f guaranty, and the juxtaposition o f the signature as well as the ab­
sence o f apt words to indicate a contingent responsibility, shows that the parties
intended to be jointly bound.” Rule absolute.

COMMERCIAL CHRONICLE AND R E V IE W .
S P E C U L A T IV E

M O V E M E N T IN S T O C K S A N D B O N D S — IN V E S T M E N T S

E U R O P E A N C A P IT A L U PON O U R P R O S P E R I T Y — I L L U S T R A T I O N OF
W H E N A P R O F IT A B L E
H I S T O R Y OF

THE

C H A N G E IN T H E

USE

CAN

S P R IN G
VALUE

T I O N IN V A R I O U S

OF

STATES

BE

M AD E OF

TRADE,
LAN D

ON

W IT H

IT S

TH E

SU BJECT OF

F O R E IG N

TH E

ACCOUNT— E FFE C T

ADVANTAGES

M O N E Y — S P E C U L A T IO N S

PRESEN T

W ARRAN TS— GENERAL

TH E

ON

C O N D IT IO N

AND

C O N D IT IO N

B A N K IN G — A C T IO N

OF

IN

REAL

FU TURE
TH E

OF

OF B O R R O W I N G
E STATE—

PROSPECTS—

B A N K S— L E G IS L A ­

O F C O N G R E S S IN R E G A R D T O

C R LN GIN O T H E S T A N D A R D OF V A L U E — D E P O S I T S AND C O IN A G E A T T H E P H IL A D E L P H I A A N D N E W O R ­
L E A N S M IN T S F O R

F E B R U A R Y — IM P O R T S

I M P O R T S OF D R Y

GO O D S— D E C R E A SE

FROM

rO R

NEW YO RK

P R IC E

OF

AT NEW

IN S T O C K

F E B R U A R Y — C O M P A R A T IV E

BREADSTUFFS

A B R O A D — IN C R E A S E D

YORK

FO R F E B R U A R Y — D O . FROM JA N U A R Y 1S T —

W A R E H O U S E D — R E C E IP T S
EXPORTS

C O N S U M P T IO N

OF D O M E S T IC
OF C E R E A L S

FO R

D U T IE S — E X P O R T S

P R O D U C E — D E C L IN E
S T IM U L A T E D

BY

IN

LOW

P R IC E S .

T he last month has witnessed a marked increase in the spirit o f speculation, not
only in stocks but also in Real Estate, and other investments. In all o f our princi­
pal cities, the transactions in stocks and bonds for account o f private capitalists,
have been unusually large, and in a majority o f cases, made with the hope o f reali­
zing a profit from advanced prices. Few of these purchases were made at the
lowest point, and the market has yet to improve materially before great fortunes
will be realized. All w ell secured railroad bonds have improved, and so long as
the European demand continues, there can be little fear o f any important reaction.
Money in Europe has become so plenty, that it is difficult to find safe investments
at two-and-a-half per cent per annum. In this state o f things it is not to be
wondered at that Erie first-class bonds, secured by a mortgage upon property
worth eight times the amount, and paying seven per cent interest upon their par
value, should have gone up to 115. The second-class bonds o f the same com­
pany, which for all practical purposes are almost equally secure, but which have
less time to run, are also selling considerably above par. Various City and
County bonds are inquired for by English capitalists, and will doubtless be more
in demand. When Europe finds that we have provided more effectual safeguards
against repudiation, than we had previous to our former period o f commercial
disaster; and that most o f the enterprises for which these bonds are now issued,
are based upon the actual development o f new resources o f wealth and prosperity)
we may look for a still greater influx o f foreign capital. This indebtedness
abroad is a constant source o f alarm to some who have been accustomed to re­
gard the dependence as all on one side; and who are never weary o f predicting
ruin when “ pay day ” arrives.
It does not however necessarily follow, that the borrower o f capital is less pros­
perous than the lender. A man who buys a farm which will produce but 5 per




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Commercial Chronicle and Review.

cent upon its cost, while he has hired the purchase money at 6 per cent, is certainly
growing poorer. But if the farm will produce 10 per cent heside paying for the
labor, then the hire o f the money is a positive advantage, and the laborer need
not be afraid o f the day o f settlement. In our own case we own the farm, but
need a little extra capital to fence, and drain, and ditch it, and build roads across
it. Every dollar, thus expended, returns more than the interest upon the sum
borrowed, so that our means o f payment are constantly accumulating.
In addition to the purchases o f stock by European capitalists, large sums are
now being invested in this country on bonds with mortgage security upon real
estate for the same account; and for timid persons who wish to place their money
beyond the casualties o f commercial affairs, this is perhaps the most desirable.
There is also, as we hinted above, a speculative movement in real estate, but this
is chiefly carried on by our own capitalists. In the neighborhood o f our large
cities, and particularly in New York and vicinity, large parcels o f property have
changed hands, and in some cases at prices very much above former limits. In
many instances this has followed the progress o f actual growth; in others it has
anticipated, but for a short time, the increase of business and population; while
in a few cases it has been wildly speculative and visionary.
The demand for goods from the far South and South-West was light a f hereto­
fore noticed; but it was generally expected that the Western and Northern would
show’ an improvement over the trade for last year. This has not yet been realized,
owing to the severity o f the weather, which has impeded the opening o f
navigation and kept the merchants icebound at their homes. Collections in
these quarters, however, have improved, and there have been very few’ failures to
notice. The interior is very bare of goods, and this scarcity must ere long be
supplied. Those who charged us with taking too favorable a view o f affairs on
the opening o f the year, and predicted a host o f disasters before the close o f
March, have worn their sackcloth in vain, for the month has witnessed no dis­
turbance o f credit, and the prospect is now even fairer than when our predictions
were first called in question. Money, is in active demand owing to the pressure o f
public and private speculations, and the increase of business; but it is easily ob­
tained at simple interest. Any securities o f undoubted value are readily sold at
a fair price. The authorities o f Texas have advertised for proposals for one
million o f dollars o f the U. S. Loan, issued to that State by the General Govern­
ment. Were the business to be transacted at a point nearer to where the bulk of
the capital is likely to be obtained, more interest would be excited, and a higher
price doubtless obtained. The act o f Congress making land-warrants assignable!
will add to their value, but as a large portion o f them are already owned by specu­
lators, will not excite any extraordinary activity in them.
W e find upon a comparison o f the various bank returns throughout the coun­
try, that these institutions are again expanding their loans and circulation, but as
the specie basis has also increased, their comparative safety is not lessened. Sev­
eral of the States have taken up the subject of a general banking law, and there
can be little doubt but what, ere long, nearly every State in the Union will
adopt nearly the same system in this respect. New Jersey has just passed a
stringent amendment to the general law’, by which banks o f mere circulation
located within her limits but owned in other States, can be made more responsi­
ble, and be compelled to interfere less with legitimate banking. The subject of




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Commercial Chronicle and Review.

changing the standard o f value in the United States, to which we have severaj
times invited public attention, is now before Congress, and we hope its consider,
ation will lead to some efficient action to preserve the silver coin in the country,
and prevent the constant fluctuation in the nominal value of gold and silver. There
can be but one real standard o f value at a time; for if payments be allowed in coin
o f both metals, only that will be used which is the cheapest. There are many rea­
sons why gold should be selected by our government, but as we have frequently
urged this, we need not repeat our arguments. Great Britain takes a seignorage
o f about 10 per cent from her silver coin, the mint value being but 5s. 6d. per
oz., while the market value is about 5s. The bill before Congress proposes a
seignorage o f about 7 per cent, which would give general satisfaction. I f this
were once adopted, silver change would become plenty, without at all affecting
the premium value o f present silver coin; ragged one dollar notes and shinplasters o f various descriptions would disappear from circulation, and the general
character o f our currency be improved.
W e gave in our last, a statement o f the deposits and coinage o f the precious metals
at the Philadelphia and New Orleans mints for the month o f January; we now an­
nex a similar statement for the month of February. Under our usual department o f
banking, finance, and currency, in the present number, will be found a table
containing a summary o f the operations at all the mints in the United States
from their organization down to the close o f 1851:—
.•
DEPOSITS F O E FEBEUAKY.
NEW

ORLEAN S.

From California.

Total.

P H IL A D E L P H IA .

From California.

Gold.............................
Silver...........................

$474,095
2,728

$482,577
16,084

$2,941,000
21,200

$3,008,000
21,200

T otal...................

$476,823

$498,661

$2,962,200

$3,029,200

GOLD COINAGE.

8,500
12,000

Value.
$170,000
120,000

44,000

110,000

64,500

$400,000

Pieces.

Double eagles..............
Eagles..........................
Half-eagles...................
Quarter-eagles............
Gold dollars.................
Total gold coinage...

Pieces.

68,925
48,566
93,706
145,710
295,684

$1,378,500
485,660
468,530
364,275
295,684

652,591

$2,992,649

143,500
83,000
902,400

$14. SKO

$1,128,900

$45,572

560,888

$5,608

$2,342,379

$3,043,S29

SILVER COINAGE.

Half-dimes...................
Three-cent pieces.........
Total silver coinage..

4,150
27,072

COPPER COINAGE.

Total coinage.......

64,500

$400,000

The receipts from California continue to fall short o f public expectation,
owing, it is said, to the dry weather. Larger remittances are looked for during
the spring months. The gold mines in the Atlantic States are attracting more
attention. In Buckingham county, Virginia, a vein o f quartz and micaceous
rock has been found, quite rich; and it is believed, when worked with suitable
machinery, will yield a large profit to the owners. A company, called the




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Commercial Chronicle and Review.

Garnet Mining Company, has been incorporated by the Legislature o f Virginia,
and are now making arrangements to prosecute the enterprise on a more ex­
tended scale.
W e gave in our last, a statement showing an important decline in the imports
o f foreign goods at New York for January, as compared with the corresponding
period of 1851. W e now annex a similar comparison for February, by which
it will be seen that the falling off continued throughout the month. This falling
off is most noticeable in the goods received at the port, as the withdrawals from
bond, owing to the decreased receipts, have been larger than usual; we present
a summary o f both :—
IMPOSTS ENTERED AT NEW YOKIv FROM FOREIGN FORTS FOR FEBRUARY.

Year.

Entered direct. Ent’d wareh’ e.

1852
1851 ..................
Decrease.........

Free goods.

Specie.

Total.

$7,024,952
9,442,007

$1,003,383
1,240,329

$1,110,949
1,208,036

$110,293
164,031

$9,249,577
12,054,403

$2,417,055

$236,946

$97,087

$53,738

$2,804,826

IMPORTS THROWN ON THE MARKET FOR FEBRUARY.

1852 ..................
1851 ..................

$7,024,952
9,442,007

$1,788,997
899,438

$1,110,949
1,208,036

$110,293 $10,035,191
164,031 11,713,512

Decrease in amount thrown on the market........ ..............................

$1,678,321

Here we have, exclusive o f specie, a foiling off in the value o f goods received
at the port o f $2,751,088; but owing to a less stock left in bond, the decline in
the value thrown on the market, is only $1,624,583, or including specie,
$1,678,321. This makes a total decline in the value o f goods entered at the
port o f New York for two months, as compared with the first two months of
1851, o f $7,101,742, exclusive o f specie. The falling off in the amount thrown
upon the market for the same time is $5,184,578. The decline in the actual
receipts, as shown above, is equal to over 25 per cent on the whole import.
There is no probability that this ratio o f decrease will continue throughout the
year. The month o f March may even show a slight increase over March, 1851,
but there can be no doubt but what the decrease for the year will amount to 10
per cent o f the gross receipts for the previous year. It will be interesting, in
this connection, to inquire what portion o f the decreased receipts were dry
g ood s; and it will be seen from the annexed comparison that the value o f this
description o f merchandise entered for February is less by $1,878,796 than for
Feb. 1851, showing a decline o f 27 per cent. The amount thrown upon the mar­
ket, however, only exhibits a decline o f $1,090,297, the stock in bond being
drawn upon more liberally. W e extend the comparison back to 1850.
IMPORTS OF DRY GOODS AT N E W YORK, FROM FOREIGN

PORTS, DURING

THE

MONTH OF

FEBRUARY.
ENTERED FOR CONSUMPTION.

1850.

Manufactures of w o o l......................
Manufactures of cotton...................
Manufactures of silk.........................
Manufactures of fla x .......................
Miscellaneous dry goods...................

$1,266,968
1,106,145
1,861,499
685,157
270,504

Total..............................................

$5,190,273




1851.

1852.

$1,273,619
1,452,882
2,423,859
887,394
419,240

$990,291
938,177
1,980,154
504,650
349,486

$6,456,994

$4,762,658

463

Commercial Chronicle and Review.
W ITHDRAW N FROM WAREHOUSE.

1890.

1841.

1852.

Manufactures of wool.......................
Manufactures of cotton.....................
Manufactures of silk.........................
Manufactures of flax.........................
Miscellaneous dry goods.................

$114,056
199,016
129,579
54,298
19,047

$90,176
202,950
140,724
69,065
42,685

$201,935
311,647
384,198
188,788
63,071

Total..............................................
Add entered for consumption . . . .
Total thrown upon the market..

$515,996
5,190,273
$5,706,269

$545,600
6,456,994
$7,002,594

$1,149,639
4,762,658
$5,912,297

ENTERED FOR WAREHOUSING.

Manufactures of wool.......................
Manufactures of cotton......................
Manufactures of silk........................
Manufactures of flax........................
Miscellaneous dry goods...................

1850.

1851.

1852.

$24,903
46,823
61,112
30,419
12,559

$72,846
173,326
196,362
32,402
70,171

$103,492
62,631
150,177
8,662
45,685

Total.............................................
$175,816
$545,107
$360,647
Add entered for consumption___
5,190,273
6,456,994
4,762,658
Total entered at the port..........
$5,366,089
$7,002,101
$5,123,305
The total falling off in the receipts o f dry goods entered at New York for the
months o f January and February, as compared with the corresponding period of
1851, is $3,323,984; the decrease being divided about equally among the
various classes o f fabrics. This will be fully shown in the following state­
ment ;—
»

IMPORTS OF D R Y GOODS AT N EW YO RK FOR JANUARY AND FEBRUARY.
ENTERED FOR CONSUMPTION.

1850.

1851.

Manufactures of wool.......................
Manufactures of cotton...................
Manufactures of silk.........................
Manufactures of fla x .......................
Miscellaneous dry goods...................

$2,852,154
2,880,983
3,923,314
1,740,912
541,402

$2,873,717
3,296,323
6,455,861
1,579,532
959,444

$2,296,613
2,246,629
4,950,787
1,073,711
800,729

Total............................................

$11,938,765

$15,164,877

$11,368,469

1852.

W ITH D RAW N FROM WAREHOUSE.

1850.

1851.

1852,

Manufactures of wool.......................
Manufactures of cotton.....................
Manufactures of silk........................
Manufactures of flax.........................
"Miscellaneous dry goods...................

$208,569
389,259
278,608
95,187
45,078

$196,003
457,174
247,094
179,000
96,635

$416,037
592,248
676,084
310,423
85,391

Total..............................................
Add entered for consumption.......
Total thrown upon the market.

$1,016,701
11,938,765
$12,955,466

$1,175,906
15,164,877
$16,340,783

$2,080,183
11,368,469
$13,448,652

ENTERED FOR WAREHOUSING.

1850.

1851.

1 8 5 2 .'

Manufactures of wool.....................
Manufactures of cotton.....................
Manufactures of silk.......................
Manufactures of flax-.......................
Miscellaneous dry goods.................

$104,733
342,380
177.118
86,564
20,571

$212,502
395,738
402,367
86,757
112,424

$287,603
261,487
987,534
75,501
70,087

Total..............................................
Add entered for consumption.. . . .
Total entered at the port..........

$731,366
11,938,765
$12,670,131

$1,209,788
15,164,877
$16,374,665

$1,682,212
11,368,469
$13,050,681




464

Commercial Chronicle and Review.

The exports have largely increased throughout the country, since the 1st of
February, although for the month of ^jnuary they showed a decline as com­
pared with last year. For the month o f February the shipments o f domestic
produce from the port o f New York, exclusive o f specie, have increased
$767,157, being more than enough to balance the decline for the previous
month; the increase in the exports o f foreign produce is $59,704, making a total
increase in exports, besides specie, o f $826,864, as will be seen by the following
comparison :—
EXPOETS FROM NEW T O R E TO FOREIGN PORTS FOR FEBRUARY.

Year.

1852.......................
1851.......................
1850.......................

Domestic
produce.

Foreign
dutiable.

$3,352,943
2,585,786
2,607,584

$322,272
295,567
302,258

Foreign
free.

$93,932
60,930
54,475

Specie.

$3,551,541
1,007,689
278,708

Total.

$7,320,690
3,949,972
3,243,025

The following will show the exports from New York to foreign ports from
January 1st to March 19:—
1851.

Ashes—Pots. . . . bbls.
Pearls..........
Beeswax............... Ib3.
B rea dstuffs —
Wheat flour... .bbls.
Rye flour...............
Corn meal..............
Wheat........... bush.

104,593
153
5,909
52,664

Oats.......................

548

Corn.......................
Candles—Mould.. .bxs.
Sperm.......
Coal................... tons.
Cotton............... bales

86,901
9,282
266
410
67,693

H ops.........................

4,672
881
75,626

1812.
1851.
1852.
2,735 Naval stores... . .bbls.
45,251
86,628
14,131
156 Oil—Whale.. . .gals. 263,267
62,168
67,669
Sperm ...
122,501
Lard.......
156,373
15,180
.......
167,058
Linseed..
4,607
1,021 P ro v is io n s —
Pork........... . .bbls.
7,596
7,510
7,123
5,492
10,085
243,531
Beef............
.. .lbs. 1.279.554 788,578
3,003
Butter........
806,168 164,602
l|242
1,431,921 292,709
294
408',700 471,302
147,566
Lard...........
11,788
12,102 R ice................
9,131
430 Tallow............ .. .lbs. 802,937 247,895
5,836
8,066 Tobacco—Crude. pkgs.
4,357
Manu’d .lbs. 662,279 669,476
103,398
1,848
62,152
163,519
348

From this it will be seen that there has been a large increase in the exports of
breadstuffs since January 1st, both in flour, wheat, and corn. This increase has
not been confined to the Port o f New York, but at the Southern ports large
quantities have also been shipped. The foreign market is hardly as firm for our
cereals as at the date o f our last. But the decline in price seems to have been
owing more to our abundance than to any falling off in the foreign consumption.
All who view the subject impartially are satisfied that high prices could not be
maintained after our inland navigation should have been resumed, and it is thus
far better that the rate should be fixed at a price less liable to fluctuation, before
the supply has left the hands o f the producer. Besides, the interior is full o f
flour and grain, and we can only find a market for it by stimulating the con­
sumption. This can only be done by furnishing it at a moderate price. I f we
can throw our surplus upon the European markets and secure an increased de­
mand, even at a low price, it will sweep off the accumulation o f the previous
large crops, and give a hope o f better prices hereafter.




t

Journal of Banking, Currency, and Finance.

465

JOURNAL OF B A N K IN G , C U R R EN C Y, AND F IN A N C E .
BUSINESS AT THE UNITED STATES AIINTS.

We have compiled, from official returns, the following statement of the deposits and
coinage at the United States Mint, and branches, from their organization down to the
close of 1851, which will be found very useful for reference, and contains many items
of present interest:—
DEPOSITS OF DOMESTIC GOLD FOE THE YE AE 1 8 5 1 .

From California.

Other sources.

Total.

Philadelphia Mint...........................
New Orleans M int.........................
Charlotte Mint.................................
Dahlonega Mint...............................

$46,939,367
8,769,682
15,111
214,072

$135,153
1,040
300,950
165,237

$47,074,520
8,770,722
316,061
379,309

Total.....................................

$55,938,232

$602,380

$56,540,612

DEPOSITS OF DOMESTIC GOLD FRO M DATE OF ORGANIZATION.

From California.

Other sources.

Total.

Philadelphia M int.......................
New Orleans Mint........................
Charlotte Mint.............................
Dahlonega Mint...........................

$84,132,488
14,016,294
15,111
244,097

$8,538,115
143,930
3,056,474
4,116,811

$92,670,603
14,160,224
3,071,585
4,360,908

Total..................................

$98,407,990

$15,855,330

$114,263,320

COINAGE

Philadelphia Mint for 1851.......
Do. from organization................
New Orleans Mint for 1 8 5 1 ....
Do. from Organization..............
Charlotte Mint for 1851............
Do. from organization................
Dahlonega Mint for 1851..........
Do. from organization................

OF ALL THE METALS.

Gold.

Silver.

$52,143,446
143,370,503
9,795,000
29,415,865
324,454
3,053,934
351.592
4,343,995

$446,797
64,947,609
327,600
13,014,800

Copper.

Total.

$99,635 , $52,689,878
1,395,836
209,713,948
10,122,600
42,430,665
324,454
3,053,934
351,592
4,343,995

Total from organization.. . . $180,184,297 $77,962,409 $1,395,836

$259,542,542

PUBLIC DEBT OF OHIO.

The following summary statement of the debt and annual interest of the State of
Ohio, on the 1st of January, 1852, is derived from an official source :—
Amount.

5 per cents, due 1857...
5 “
“ 1856...
6 “
“ 1857...
6
“
“ 1861...
6
«
“ 1871...
6
“
“ 1876...

$150,000
1.025.000
3,365,789
6,812,481
2,183,531
1.600.000

Interest.

00
00
24
00
93
00

$7,500
51,250
201,946
408,748
131,011
96,000

00
00
75
86
92
00

Total foreign debts
Domestic debts . . .

$15,136,792 17
448,101 71

$896,457 53
26,886 10

Total.................

$15,584,893 88

$923,343 63

This forms the total redeemable debt, and is exclusive of school and other trust
fund.
VOL.

x x v i i i .—

NO. IV .




30

466

Journal o f Banking, Currency, and Finance.
STATISTICS OF BANKING IN THE STATE OF NEW YORK.

W e are indebted to D. B. S t. J ohn, Esq., the Superintendent of the Banking Depart­

ment, for an official copy of the first annual report from that Department, (since its
organization,) as required by Chapter 164, Laws of 1851.* It presents a clear and
comprehensive view of all the banks, banking associations, and individual bankers from
which reports have been received. The substance of this report we have embodied
in a condensed form on the present and subsequent pages of the M erchants' M a g a z in e :—
The whole number of banks, banking associations, and individual bankers doing
business on the first day of December, 1851, is two hundred and forty-four, as follows:—
Chartered banks, 72; banking associations, 95 ; individual bankers, 77; total, 244.
Since the date of the last report by the Controller, the charters of two banks have
expired; their aggregate capital was $509,600, namely, the New York State Bank,
369,600; Bank of Newburg, $140,000. A majority of the stockholders of both these
institutions have formed associations under the provisions of chapter 313, Laws of
1849. During the year, 37 banking associations and individual bankers have deposited
the securities required by law, and commenced the business of banking, namely:—
ASSOCIATIONS.

Citizens’ Bank, New York.
Chatham Bank, New York.
Far’s’ B'k, Saratoga, Co., Half Moon Vil’ge.
Bank of Fort Edward, Fort Edward.
Genesee Valley Bank, Genesee.
Grocers’. Bank, New York.
Goshen Bank, Orange Co., Goshen.
Glens Falls Bank, Glens Falls.
Hanover Bank, New York.
Irving Bank, New York.
Knickerbocker Bank, New York.
Merchants’ Bank in Syracuse, Syracuse.
Mechanics’ Bank of Syracuse, Syracuse.

Metropolitan Bank, New York.
Bank of Malone, Malone.
Bank of the Metropolis, New York.
New York Exchange Bank, New York.
New York State Bank, Albany.
Bank of Newburg, Newburg.
Bank of North America, New York.
Pacific Bank, New York.
People’s Bank, New York.
Rome Exchange Bank, Rome.
Bank of the Republic, New York.
Union Bank of Sullivan Co., Monticello.
Union Bank of Troy, Troy.

The amount and character of the securities deposited by the 26 banking associations
above named, is as follows, namely:—
$1,382,319 89
New York State stocks................................................
United States stocks....................................................
913,000 00
Canal revenue certificates.............................................
109,500 00
290,424 00
Bonds and mortgages....................................................
Total......................................................................
$2,695,243 89
Circulation issued on the above securities.............
2,247,243 00
INDIVIDUAL BANKS.

Commercial Bank of Clyde, Clyde.
Bank of Chemung, Elmira.
Dunkirk Bank, Dunkirk.
Excelsior Bank, Meridian, Cayuga Co.
Bank of Havana, Havana.
Lumberman’s Bank, Wilmurt, Herki’r Co.

Mechanics’ B’k of Watertown, Watertown.
New York Bank of Saratoga Co., Hadley.
New York Traders’ Bank of Washington
Co., North Granville.
Oneida Valley Bank, Oneida.
Valley Bank of Lowville, Lowville.

The amount and character of the securities deposited by the eleven individual banks
above named is as follows, namely:—
$231,494
New York State stocks.........................
United States stocks..............................................................
153,300
Canal revenue certificates....................................................
155,000
Bonds and mortgages.............................................................
75,197
Total...............................................................................
$614,991
Circulation issued on the above securities....................
554,008
The following statement shows the state and condition of all the banks, banking
associations, and individual bankers, from which reports have been received during the
past year, on the several days designated by the Superintendent for making their
quarterly reports:—
* Prior to 1851 the Banking Department was managed by the Controller.




t

_____-

t

ff

r

CONDITION OF B A M S AND BANKING ASSOCIATIONS IN THE STATE OF NEW YORK.
RESOURCES.

Items.

Loans and discounts except to directors and brokers...............
Loans and discounts to directors..............................................
All other liabilities absolute or contingent of directors..........
All suras due from brokers.......................................................
Real estate...............................................................................
Bonds and mortgages................................................................
Stocks........................................................................................
Promissory notes other than for loans and discounts..............
Loss and expense account........................................................
Overdrafts..................................................................................
Specie........................................................................................
Cash items.................................................................................
Bills of solvent banks on hand................................................
Bills of suspended banks on hand.............................................
Estimated value of the sam e..................................................
Due from solvent banks on demand..........................................
Due from solvent banks on credit.............................................
Due from suspended banks on demand...................................
Estimated value of the sam e..................................................
Due from suspended banks on credit........................................

Reports dated 21st Reports dated 29th Reports dated 21st Reports dated 27th Reports dated
December, 1830.
March, 1851.
September, 1851. December, 1851.
June, 1851.
§97,244,983
$99,0*78,893
$100,460,689
$101,203,401
$106,653,679
5,082,030
6,304,651
6,345,717
5,215,189
5,375,764
1,660,764
1,645,722
1,704,814
1,772,616
1,916,213
3,876,118
2,515,599
3,498,181
3,647,796
1,973,975
3,439,450
3,916,925
3,765,392
3,858,402
3,350,249
3,818,994
3,969,343
4,257,165
4,276,697
3,526,130
14,342,689
15,093,732
15,054,766
15,333,671
14,035,547
193,683
151,835
145,708
175,692
167,519
567,983
785,508
579,403
633,965
585,083
251,359
279,994
325,158
241,681
283,712
9,096,274
8,978,918
8,306,829
11,937,798
7,021,520
10,272,860
11,345,041
11,836,297
13,516,584
12,018,249
2,682,847
2,828,570
2,889,000
2,887,037
2,849,972
6,262
13,150
5,041
6,509
5,207
2,103
1,942
6,992
2,370
2,047
12,019,144
10,438,475
8,720,161
9,713,087
12,554,370
853,270
86,725
171,068
116,910
852,668
56,703
50,889
120,905
67,632
164,746
7,544
14,053
37,716
7,139
7,660
649
8,135




49,866,820
8,689,276
611,588
27,314,675
2,539,643
63,092,447
872,871
24,219,298
785,890
1,337,816

a
.s ’
D

<*>

«^3
S“.

LIABILITIES.

Capital.......................................................................................
Profits.......................................................................................
Notes in circulation not registered............................................
Registered notes in circulation..................................................
Due Treasurer of the State of New York...............................
Due depositors on demand.......................................................
Due individuals corporations other than banks depositors
Due banks on demand...............................................................
Due banks on credit..................................................................
Due to others not included in either of the above heads.........

3

51,022,829
8,727,893
664,052
27,927,483
915,744
60,219,981
2,694,508
24,725,084
'590,180
1,430,604

55,580,181
9,232,473
562,244
26,949,543
1,225,127
54,467,682
1,183,916
23,559,173
299,962
1,638,385

57,572,025
9,409,433
558,264
26,696,194
2,184,564
48,901,809
1,240,530
15,639,807
358,129
1,461,598

58,621,422
9,768,739
543,898
25,684,655
2,190,943
46,836,682
975,455
16,056,157
442,509
1,566,064

r*

—r

408

Journal o f Banking, Currency, and Finance.

The whole amount of circulating notes issued to associations and individual bankers,
outstanding on the 1st day of December, 1851, was $15,671,004; for the redemption
of which securities are deposited and held in trust by the Superintendent, amounting
in the aggregate to $16,822,714 85, namely:—
Bonds and mortgages...........................................................................
$3,117,677 61
Mew York State Stock, 4 f per cent................................................
215,300 00
“
«
5
“
4,052,429 29
*
“
5|
“
1,084,400 00
“
“
6
“
2,957,765 26
United States stock,
5
“
1,106,800 00
................................................
1,920,868 85
“
“
6
“
Canal revenue certificates, 6
“
911,000 00
Arkansas State stock,
6
“
.................................................
375,000 00
Illinois
“
6
“
651,696 60
Indiana
“
5
“
6,650 00
Michigan
“
6
“
200,000 00
Cash in deposit, for stocks matured, and bonds and mortgages paid
and banks closing business..............................................................
223,127 24
Total.............................................................................................
Total amount of securities held December 1st, 1850.................

$16,822,714 85
14,823,087 56

Increase of securities for the year ending December 1st, 1851
$1,999,627 29
Total amount of circulation December 1st, 1851................................ $15,671,004 00
“
“
“
1850................................
14,203,115 00
Increase of circulation for the year ending December 1st, 1851.
$1,467,889 00
The following statement shows the names and location of such banks as have given
notice of their intention to close their business; the greatest amount of circulation
issued to said banks and the amount of circulation outstanding on the 1st day of Decem­
ber, 1851:—
Name o f Bank.

Greatest
Circulation.

Outstanding
Circulation.

Knickerbocker Bank, Genoa................................................
$190,886
$24,706
Champlain Bank, Ellenburg................................................
120,680
17,818
70,493
14,747
American Bank, Mayville...................................................
Korthern Bank of New York, Brasher F alls...................
180,686
39,000
Merchants’ Bank of Washington Co., Granville . ............
49,635
39,554
Merchants’ Bank of Canandaigua, Naples.........................
177,553
34,862
Adams Bank, Ashford........................................................
69,694
15,900
Oswego County Bank, Meridian.........................................
89,758
43,730
New York Stock Bank, Durham........................................
91,282
52,591
McIntyre Bank, Adirondac..................................................
49,995
23,000
Bank of the Metropolis, New York...................................
100,000
all ret’d.
Commercial Bank of Lockport, Lockport.........................
65,107
7,057
Total circulation..........................................................
$1,255,769
$212,964
Circulation outstanding December 1st, 1851..............
312,964
Amount of circulation returned and destroyed__ _
$942,805
Five individual bankers, who have heretofore given notice of their intention to close
their business, having complied with the provisions of section 8, of chapter 319, Laws
of 1841, by redeeming 90 per cent of their circulation, have withdrawn the securities
held in trust, and deposited an amount of money sufficient to redeem the balance of
circulation outstanding.
The following statement shows the amount of circulation unredeemed on the 1st
day of December, 1851; the amount of money held in trust by the Superintendent;
the date of the first notice to bill holders to present their notes for payment, and the
time when such notice will expire:—
Outstanding
Cash in
Notice will
Banks.
Circulation
deposit.
Date of notice.
expire.
Courtland County Bank.
$10,000
$10,000 00
Dec. 1, 1851
Dec. 1, 1853
Franklin County Bank...
2,811
2,080 37
Apr. 6, 1850
Apr. 6, 1852
Henry Keeps’ Bank___
2,859
3,859 00
Sep. 17, 1851
Sep. 17, 1853
Village Bank.................
866
872 00
May 22, 1851
May 22, 1853
Warren County Bank...
4,852
4,852 00
Nov. 4, 1851
Nov. 4, 1853




Journal o f Banking, Currency, and Finance.

469

At the expiration of the above notices for two years, the securities held by the Su­
perintendent in trust may be given up to the banker or association upon receiving a
bond, with security, conditioned for the prompt payment of any unredeemed circulat­
ing notes of such banker or association, if presented within six years.
INCORPORATED BANKS OF THE STATE OF NEW YORK.
STATEMENT SHOWING THE NAMES AND LOCALITIES OF THE 7 1
ONE

BRANCH, OF

THE STATE OF NEW YO R K ',

BY LAW TO BE INVESTED ;

INCORPORATED BANKS AND

THE AMOUNT OF CAPITAL

AUTHORIZED

THE AMOUNT OF NOTES AUTHORIZED TO HAVE IN CIRCULA­

TION, AND THE AMOUNT WHICH EACH BANK IIAD IN CIRCULATION AND ON HAND ON THE
1ST DAY OF DECEMBER, 1 8 5 1 , AND THE YEARS WHEN THEIR CHARTERS W IL L EX PIRE,
RESPECTIVELY.---- COMPILED FROM THE FIRST ANNUAL REPORT OF THE SUPERINTENDENT
OF THE BANKING DEPARTMENT.

Charter
will
expire.
Name of Bank and locality.
Albany City Bank, Albany........... 1864
Atlantic Bank, Brooklyn.............. 1866
Bank of Albany, Albany.............. 1855
Bank of America, New Yrork . . . . 1853
Bank of Chenango, Norwich......... 1856
Bank of Genesee, Batavia............. 1852
Bank of Geneva, Geneva..............
Circulation increased a ............ 1853
Bank of Lansingburg, Lansingburg 1855
Bank of New York, New Y ork... 1853
Bank of Orange Co., Goshen.........
Circulation increased b .............. 1862
Bank of Orleans, Albion.............. 1864
Bank of Owego, Owego................. 1866
Bank of Poughkeepsie, Pough’e .. 1858
1862
Bank of Rome, Rome...................
Bank of Salina, Salina................... 1862
Bank of the State of N. Y., N. Y . . 1866
Bauk of Trov, T roy ...................... 1853
Bank of Whitehall, Wljitehall___ 1859
Brooklyn Bank, Brooklyn.............. 1860
Broom Co. Bank, Binghamton. . . . 1855
Butchers’ & Drovers’ Bank, N. Y .. 1853
Catskill Bank, Catskill.................. 1853
Cayuga Co. Bank, Auburn............ ....
Circulation increased c .............. 1863
Central Bank, Cherry Valley........ 1855
Chautauque Co. Bank, Jamestown. 1860
Chemung Canal Bank, Elmira____ 1863
City Bank, New Y ork ................. 1852
Essex County Bank, Keeseville. . . 1862
Farmers’ Bank of Troy, Troy....... 1853
Farmers’ &, Manufac’s’ B’k, Pough’e. 1864
Greenwich Bank, New York.........
Circulation increased d .............. 1855
Herkimer Co. Bank, Rockton........ 1863
Highland Bank, Newburg............ 1864
Hudson River Bank, Hudson....... 1855
Jefferson Co. Bank, Watertown. . . 1854
Kingston Bank, Kingston.............. 1866
Leather Manufacturers’ Bank, N. Y. 1862
Lewis Co. Bank, Martinsburg....... 1863
Livingston County Bank, Geneseo. 1855
Madison County Bank, Cazenovia. 1858
Manhattan Company, New York..imlimited
Mechanics’ Bank, New York......... 1855
Mechanics’ &, Farmers’ B’k . A l b a n y 1853
Mechanics’ <ssTraders’ Bank, N. Y . 1857




Capital.
$500,000
500,000
240,000
2,001,200
120,000
100,000
400,000
22,000
120,000
1,000,000
105,660
10,000
200,000
200,000
100,000
100,000
150,000
2,000,000
440,000
100,000
150,000
100,000
500,000
125,000
250,000
22,400
120,000
100,000
200,000
720,000
100,000
278,000
300,000
200,000
4,000
200,000
200,000
150,000
200,000
200,000
600,000
100,000
100,000
100,000
2,050,000
1,440,000
442,000
200,000

Authorized to
circulate.
$350,000
350,000
200,000
1,200,000
160,000
150,000
300,000
20,000
160,000
800,000
150,000
10,000
200,000
200,000
150,000
150,000
175,000
1,200,000
300,000
150,000
175,000
150,000
350,000
175,000
225,000
22,400
160,400
150,000
200,000
500,000
150,000
225,000
250,000
200,000
3,970
200,000
200,000
175,000
200,000
200,000
450,000
150,000
150,000
150,000
1,200,000
800,000
300,000
200,000

In circula­
tion and
on hand.
$313,487
350,000
200,000
784,562
160,000
150,000
319,995
160,000
776,500
160,000
200,000
200,000
150,000
150,000
174,964
704,075
299,997
149,890
175,000
149,900
350,000
174,210
247,360
160,000
150,000
200,000
355,800
149,996
224,717
249,990
203,942
199,925
200,000
175,000
200,000
199,940
375,482
48,981
100,000
149,984
1,068,744
786,858
300,000
196,843

410

Journal o f Banking, Currency, and Finance.
Charter
will
expire

In circula
tion ant
on hand

Capital.

Authorized
to circulate.

1,490,000
300,000
165,000
100,000
150,000
200,000
100,000
400,000
150,000
200,000
300,000
100,000
1,200,000
400,000
200,000
100,000
150,000
200,000
3,000
500,000
150,000
100,000
250,000
400,000
300,000
100,000
1,000,000
200,000
100,000

1,000,000
250,000
115,000
150,000
500,000
200,000
150,000
300,000
115,000
200,000
250,000
150,000
800,000
300,000
200,000
150,000
115,000
200,000
3,000
350,000
115,000
150,000
225,000
300,000
250,000
150,000
800,000
200,000
150,000

952,310
249,899
126,131
150,000
434,698
136,000
150,000
300,000
114,995
199.845
249,810
150,000
199,214
300,000
199,988
144,400
115,000

$27,168,260 $21,764,370
Total................................................
Prom the foregoing it will appear that the incorporated banks are en­
titled to have in circulation...................................................................
Aud that they have in actual circulation and on hand............... ...........

$19,862,602
$21,764,370
19,862,602

Leaving their circulating notes less than the amount they are entitled to

$1,901,76S

Name o f Bank and locality.

Merchants’ Bank, New York......... 1857
Merchants’ Mechanics’ B’k, Troy. 1854
Mohawk Bank, Schenectady........ 1858
Montgomery Co. Bank, Johnstown. 1857
National Bank, New York.............. 1857
N. Y. Dry Dock Company, N. Y .. unlimited
Ogdensburg Bank, Ogdensburg.. . . 1859
Oneida Bank, U tica........................ 1866
Onondaga County Bank, Syracuse. 1854
Ontario Bank, Canandaigua........... 1856
Ontario Branch Bank, U tica........ 1856
Otsego County Bank, Cooperstown. 1854
Phoenix Bank, New York............. 1854
Rochester City Bank, Rochester... 1866
Sackets Harbor Bank, Sack’s Har’r. 1865
Saratoga Co. Bank, Waterford... . 1857
Schenectady Bank, Schenectady... 1862
Seneca County Bank, Waterloo................
Circulation increased c ................ 1863
Seventh Ward Bank, New Y ork.. 1863
Steuben County Bank, Bath........ 1862
Tanners’ Bank, Catskill.................. 1860
Tompkins County Bank, Ithaca... 1866
Tradesmen’s Bank, New Y ork.. . . 1855
Troy City Bank, T r o y .................... 1863
Ulster County Bank, Kingston.. . . 1861
Union Bank, New York................... 1853
Westchester Co. Bank, Peekskill.. 1863
Yates County Bank, Penn Yan... . 1859

203,000
350,000
115,000
148,538
224,668
300,000
249,119
150,000
581,900
191,925
150,000

The following table shows the number of banks whose charters will expire in each
year from the 1st of January, 1852, to the 1st of January 1866, both inclusive; the
amount of their respective capitals, (including State stock and canal revenue certifi­
cates,) the amount they are entitled to circulate, and the amount in actual circulation
and on hand on the 1st December, 1851: —
Banks.

Charters will expire.

Capital.

................
................
10................
5 ................
5 ................
1................
1 ................
2 ................
2 it 1 branch
5 ................
2 ................
2 ................
1................
3 ................
1 ................

1st January, 1852.....................
1st July, 1852..........................
1st January, 1853....................
1st
“
1854.................... . .
1st
“
1855.................... . .
1st Monday in June, 1855 . . . .
2d Tuesday
“
1855 . . . .
1st July, 1855...........................
1st January, 1856....................
1st
“
1851...................
1st
“
1858...................
1st
“
1859...................
2d Tuesday in June, 1859 . . . .
1st January, 1860.....................
1st June, 1861.........................

§100,000
120,000

i
i

1,950,000
2,300,000
150,000
220,000
620,000
200,000
100,000
350,000
100,000

Entitled to
circulate.

Circulation.

§150,000
500,000
4,645,000
1,515,000
1,610,000
203,910
115,000
310,000
610,000
2,000,000
300,000
300,000
150,000
415,000
150,000

§150,000
355,S00
3,938,012
1,514,168
1,596,758
203,942
115,000
310,000
609,115
1,818,151
299,984
300,000
149,890
413,538
150,000

* a Under act of 12th April, 1848, upon deposit o f State stocks.
b Under act o f 12th March*
1849, upon deposit of canal revenue certificates.
c Under act o f 12th April, 1848, upon deposit
of State stocks.
d, Under act o f 12th March, 1849, upon deposit o f State stocks.
e Under
ct o f 12th March, 1849, upon deposit o f canal revenue certificates.




471

Journal o f Banking, Currency, and Finance.
Banka.

6 ............. .
1............. .
8 .............. .
4 .............. .
1.............. .
7 .............. .
2 ..............

Capital

Entitled to
circulate.

Circulation.

765.660
600,000
1,975,400
1,200,000
200,000
3,950^000
2,250,000

985,000
450,000
1,800,400
1,000,000
200,000
2,775,000
1,400,000

984,960
375,482
1,690,310
963,477
199,988
2,278,683
1,204,744

Charters will expire.

1st January, 1862.....................
1st June, 1862......... .................
1st January, 1863...................
1st
“
1864....................
1st
“
1865...... .............
1st
“
1866...................
Unlimited................................

..
..
..
..

Total............................................................$27,168,260 $21,764,870 $19,862,602
The kinds and amounts of stocks held on the 1st December, 1861, for certain
incorporated banks in trust to redeem circulating notes under the several acts mentioned
below, are as follows:—
Rate o f

For what bank.

Bank of Geneva ..

interest.

Under

Per c’ t.

what act.

Stocks.

New York State..........
“

“

.......................

5

Amounts. Totals.

April 12, 1848 $10,000

6

“

“

12,000
--------- $ 22,000

Bank of Orange Co,
Cayuga Co. Bank..
Greenwich Bank...
«

Canal rev’ue certificates 6 March12,1849
New York State.......... 6 April12,1848
“
“ .......... 5^ March 12,1849
“
“ .......... 6
“
“

Seneca Oo. Bank.
Total___

4,000
Canal rev’ue certificates 6
“
“
3,000
...................................................................................... $61,400

10,009
22,400
1,000
3,000
---------

The following table shows the amount of circulating notes issued to seven safetyfund banks, (and not returned,) the charters of which have expired, and the date of
the expiration of their respective charters. The aggregate amount of circulating
notes issued to said banks and outstanding on the 1st day of December, 1851, was
1,556,507. A majority of the stockholders of six of these banks have formed asso­
ciations under the provisions of chapter 313, Laws of 1849, and are transacting business
under the provisions of that act:—
TABLE SHOWING THE

TIME

W HEN THE CHARTERS OF SUNDRY INCORPORATED BANKS E X­

PIRED , AND THE AMOUNT OF THEIR CIRCULATING NOTES OUTSTANDING AND NOT RETURNED
TO THE BANK DEPARTMENT ON THE 1ST DAY OF DECEMBER, 1 8 5 1 .

Name of bank.

Charter expired.

Merchants’ Exchange Bank. . . .
Bank of Auburn.....................
Bank of Ithaca.......................
Bank of Monroe.......................
Bank of Newburg...................
Bank of Utica and Branch__ _
New York State Bank............
Total..............................

1st Monday in June,
1st January,
1st
1st
1st
1st
1st
“

1849 ........
1850..........
1850..........
1850..........
1851..........
1850..........
1851..........

Circulation.

$228,659
190,000
138,274
160,000
3'1,029
247,683
$1,555,507

DISEASE PROPAGATED BY BAKK-iYOTES.

Dr. T homas H. B uckler, who was for several years physician to the Baltimore Alms­
house, has recently published a History of Epidemic Cholera. He says:—
Since the pressure of 1837, the banks in many of the States have issued several
millions of one, two, and three dollar notes, the effect of which has been to drive silver
out of circulation. The inmate of a smallpox hospital generally keeps what money he
may chance to have about his person. If he wants a lemon, he sends a note saturated
with the poison, and having perhaps the very sea-sick odor of the smallpox, to a con­
fectioner, who takes it of course. On leaving the hospital, the convalescent from the
loathsome disease pays some twelve or fifteen dollars board. Provisions are wanted
for the other patients; and the notes are sent to market, where they are taken by
town and country people, and may pass through twenty different hands in a single
day. It would be impossible to conceive of any better mode of distributing the poison
of a disease known to be so very contagious and infectious. It could hardly be worse
if so many rags were distributed from the clothing of small-pox patients.




472

Journal o f Banking, Currency, and Finance.
GOLD DUST SHIPPED FROM SAN FRANCISCO.

STATEMENT OF GOLD DUST MANIFESTED AND SHIPPED FROM THE PORT OF SAN FRANCISCO,
DURING THE T E A R ENDING DECEMBER

Date.

Jan.

1 ... .
1 5 .. .
1 5 ..

Feb. 1 . . .

‘
1 5 ... .
March 4 . . . .
5 ... .
1 6 ... .
1 5 ... .
April 1 ...
4 ... .
1 5 ... .
1 6 ... .
1 6 ... .
1 8 ... .
3 0 ... .
May 1 . . . .
1 ... .
1 5 ... .
1 5 ... .
20. .. .
3 0 ... .
June 1 . . . .
3 ... .
1 0 ... .
1 2 ... .
14. . . .
July 1 . . . .
1 ... .
1 4 ... .
1 5 ... .
2 6 ... .
Aug. 1 . . . .
1 5 ... .
1 5 ... .
1 5 ... .
Sept. 1 ... .
1 ... .
1 5 ... .
23. .. .
Oct. 1 . . . .
4 ... .
14. . . .
1 5 ... .
1 5 ...
Nov. 1 ... .
1 ... .
3 ... .
1 5 ... .
1 5 ... .
1 5 ... .
2 2 ... .
Dec. 1 . . . .
1 ... .
1 5 ... .

Name of vessels.

Carolina...........................
New
. Orleans...................
Do and other vessels to
.
various places..............
Panama and other vessels
to N. T. and other places
Oregon............................
Carib..............................
California.........................
New Orleans...................
Northerner.....................
Tennessee.......................
Edwin Johnson................
Panama...........................
Tarolinta.........................
B. L. A llen ......................
Huntress..........................
Alfred.............................
Oregon'............................
Union.............................
Northerner............... . . .
New Orleans...................
Osceola...........................
Constitution.....................
Tennessee.........................
Indus...............................
Isabel..............................
Commodore Stockton___
California.......................
Panama............................
Union.............................
Pacific..............................
Northerner......................
Princess Royal.................
Oregon............................
California.........................
Godeffroy.....................
Gold Hunter...................
Tennessee........................
Constitution.....................
Panama...........................
Naomi.............................
Oregon ............................
Independence.................
North America...............
New Orleans...................
California.......................
Pacific..............................
Tennessee.......................
Clara...............................
Northerner......................
Mercedes.........................
Gold Hunter...................
Eureka...........................
Golden Gate...................
Independence...................
Panama...........................

Total




31, 1851,

AS FURNISHED BT ADAMS

Destined for
New York.

Destined for
New Orleans.

$762,000 00
243,502 93

............
$9,244 00

1,677,816 07
1,710,967 00
463,861 00

& CO.
Destined for
London.

$109,285 00
................

......................................
......................................
5,100 00

99,000 00

00
20
00
00

27,991 00
4,072 00

31,235 00
123,040 00
37,307 00
31,662 00

433,669 00

5,038 85

33,153 00

670,276 00

6,400 66

138,150 00

660,282 00
163,344 50

1,752 00
............

21,112 00
85,600 00

1,268,765
130,762
415,572
579,792

167,068 45
1,002,202 84

......................................
19,094 00
132,363 68

206,333
1,030,172
1,208,625
214,357
150,000
1,196,237

20,000 00
................
6,220 33
78,647 00
13,564 00
132,007 88
....
3,326 00
......................................
24,293 20
99,786 50

40
67
65
39
00
30

1,522,978 35
1,167,375 85

14,244 00
4,044 00

36,000 00
1,528,000 00

......................................
29,436 00
159,650 00

100,000 00

244,561 76
146,188 45

.........................................

1,500,171 73

20,224 80

1,942,153 68
117,059 00

22,952 93
195,315 00
......................................

18,043
1,389,308
76,011
2,010,000

............
16,810 97
42,626 00
172,769 67
........................ .............
28,000 00
350,000 00

88
60
00
00

1,438,452 00

12,232 00

189,603 47

239,316 00

37,888 00
1,688,691 00
63,002 00
1,071,756 00

50,521 00
373,871 00
......................................
36,244 00
149,000 00

$30,062,498 49 $403,294 11 $3,392,760 88

473

Journal o f Banking, Currency, and Finance.

Destined for Panama..........................................................
11
San Diego.
................ .............................
“
Valparaiso.....................................................
“
Rio Janeiro.....................................................
“
Taleahuano.....................................................
“
Hong Kong......................................................

$151,294
5,000
444,482
16,000
16,750
2,554

64
00
00
00
00
00

Showing a grand total of $34,492,634 12.
1851,
August................ ........
September.......... ........
October................. ........
November............ ........
December............. ........

A TABLE SHOWING THE SHIPMENTS IN EACH MONTH OF

January............... ........
February.............
March................... ........
April.................... ........
May..................... ........
J une.....................
July..................... ........

$2,806,848 00
00
2,054,999 20
1,187,642 85
1,997,261 75
92
3,056,285 26

Total............ ........

AS ABOVE.

$3,185,492
3,535,256
3,955,969
4,484,582
3,433,085

41
00
73
00
00

$34,492,634 12

The San Francisco P ic a y u n e publishes the following statement of gold dust mani­
fested and shipped from that port, during the year ending December 31, 1851, which
swells the amount to $39,627,307. We subjoin the statement of the P icayu n e, which
purports to be taken from the Custom-house records:—
January..............
February ...........
March...............
April..................
May....................

___
___
___
___
___

July...................

___

$2,929,888 For August.......... ............
September . . .
2,278,923
October.......... ............
2,871,667
November.. . . ............
3,454,600
December___ ............
2,518,494
3143250
3’47l|245
Total.......... ............

$3,311,100
4,330,990
4,352,896
3,476,083
$39,627,307

The difference is large, over five millions of dollars, but is easily accounted for from
the known fact that the steamers are invariably cleared before the precise amount of
treasure can by any possibility be known.
STATEMENT OF COIN MANIFESTED AND SHIPPED FROM THE PORT OF SAN FRANCISCO, DURING
THE T E A R ENDING DECEMBER

31, 1851,

AS COMPILED BY E. ZABRISKA.

Date.

1851.
March
27.......... .
it
31.......... .
April
5 ............ .
“
30............ .
May
6............ .
June
21............ .
July
29............ .
August 18............ .
Septemb’r 8............ .
October 6............ .
<«
15............ .
((
16............ .
it
17............ .
H
27............ .
November 3............ .
M 22............
December 5............ .
“
12............ .

Vessel’s name.
Adelaide............................... ___
George E. Webster............ ___
Helena................................... ___
Solide.................................... ___
Surprise................................. ___
Sea Serpent..........................
Paladin.................................
Matilda.................................
Adelaide...............................
N. B. Palmer.........................
Julius Ca3sar.........................
Flora......................................
Flying Cloud.........................
Witch of the W ave................
Clara......................................

Total.
$30,000
12,211
60,000
10,000
15,000
59,001
25,000
30,000
42,000
33,120
20,000
5,352
23,180

Honolulu..................................
Challenge................................

Total...........
The above amount ($468,895) was distributed as follows:—To Hong Kong, $212,565;
to Canton, $81,212; to Shanghae, $102,000; to Manilla, $43,766 ; to Honolulu,
$16,000 ; to Valparaiso, $5,352; to ports in the Pacific, $8,000.




474

Journal o f Banking, Currency, and Finance.

CONDITION OF THE NEW ORLEANS BANKS FEBRUARY 28, 1852,
The following is a statement of the condition of the banks in New rOrleans on the
28th of February, 1852, as stated officially by .Charles Gayarre, Secretary of State,
and George McWhorter, State Treasurer:—
MOVEMENT OF THE BANKS.
CASH L IA B IL IT IE S .

Circulation.

C A S II A S S E T S .

Specie.

Total.

Total.

S p ecie-p aying.

Louisiana Bank.......
$1,320,094
Canal Bank..............
1,406,920
Louisiana State Bank.........
1,208,550
Mechanics’ andTraders’ B'k.
705,695
Union Bank.............
25,565

$5,580,263
3,402,955
4,566,570
2,663,753
26,352

$1,967,780
1,177,385
1,515,287
1,108,041
11,807

$7,821,181
5,058,524
4,783,323
3,612,997
1,059,642

N on-sp ecie-pa yin g.

Citizens’ Bank....................
Consolidated Association ..

10,782
7,513

177,668
9,365

22,578
10,846

33,225
10,846

Total..........................

$4,685,119

$16,426,927

$5,813,728

$22,379,749

TOTAL MOVEMENT AND DEAD ’WEIGHT.

a

Liabilities exclusive
of capital.

.

Assets.

S p ecie-p aying.

Louisiana Bank..............................................
Canal and Banking Co...................................
Louisiana State Bank.....................................
Mechanics’ and Traders’ Bank.......................
Union Bank...................................................

$5,580,263
3,402,955
4,566,570
2,663,753
26,352

54
30
64
23
48

$10,075,044
7,591,052
6,901,484
4,724,741
4,329,411

18
61
70
96
91

N on -sp ecie-pa yin g.

Citizens’ Bank................................................
Consolidated Association...............................
Total.

6,509,202 23
1,566,797 81

5,685,662 46
1,225,815 97

$24,315,895 23

$40,533,213 79

NEW YORK, PHILADELPHIA, AND BOSTON BANKS,
THEIR CAPITAL AND DIVIDENDS COMPARED.

The dividends and capital of the Boston, New York, and Philadelphia banks, for
the year 1851, have been, according to a statement in the B a n k N o te R ep orter,
comparatively as follows :—
Average Capital.

Boston............................
New York.....................
Philadelphia.................

$22,710,000
28,051,450
7,725,000

Dividends.

Per cent.

$1,744,375
2,510,666
747,500

7.68
9.93
9.67

The dividends in New York are on the working capital for the year. There are in
New York ten banks, with nearly $7,000,000 of capital, which have been in operation
but a few months, and have not yet declared full dividends. In Boston the increase of
capital has been more rapid, and has, therefore, affected the average of dividends.
Comparatively, the capitals and average dividends in Boston and New York have
been as follows :—
NEW YORK.

BOSTON.

Capital.

1845............
1846............
1847............
1848............
1849............
1850............
1851............

$17,480,000
18,180,000
18,180,000
18,920,000
19,280,600
20,710,000
23,660,000

Dividends per cent.

6.36
6.57
7.00
7.55
7.66
7.68
7.68

Capital.

Dividends per cent.

$23,084,100
23,084,100
23,084,100
23,284,100
24,457,890
27,440,270
28,051,450

6.21
7.09
7.25
8.09
8.28
8.69
8.93

The capital now in operation in New York is $34,603,100, and the amount and com­
petition wiU probably affect materially the dividends for 1851.




475

Journal o f Banking, Currency, and Finance.
CONDITION OF THE BANKS OF SOUTH CAROLINA.

In the M erchants' M aga zin e for September, 1851, (vol.xxv., page 353,) we published
a detailed statement of the condition of such of the Banks of South Carolina as had
accepted the provisions of the act of December 18, 1840, from their returns made to
the Controller General, for the 30th of June, 1851; and in the November number
(same volume, page 615) we gave the aggregate of all the banks in that State, on or
near the 31st of August, 1851. We give below a similar aggregate statement for the
31st of December, 1851:—
DEBTS DUE BY TIIE SEVERAL BANKS.

Capital stock....................................................................................
Bills in circulation...........................................................................
Net profits on hand..........................................................................
Balances due to banks in this State................................................
Balances due to banks in other States.............................................
All other moneys due which bear interest.....................................
State Treasury, for balance, current fund.......................................
State Treasury, for balance, sinking fund........................................
State Treasury, for loan for rebuilding city.....................................
Cash deposited, and all other moneys due, exclusive of bills in cir­
culation, } rofits on hand, balances due other banks, and money
bearing interest...........................................................................
Total liabilities.....................................................................

$5,991,885
3,986,743
520,327
1,793,511
322,354
16,000
67,997
667,017
1,759,160

73
12
39
22
64
00
61
08
11

1,949,394 40
$17,083,391 60

RESOURCES OF THE SEVERAL BANKS.

v

Specie on hand.................................................................................
$729,595
Real estate........................................................................................
225,625
Bills of other banks in this State ..................................................
332,141
Bills of banks in other States..........................................................
4,493
Balances due from banks in this State..........................................
62,355
Balances due from banks in other States. .....................................
149,683
Notes discounted on personal security............................................
7,394,909
Loans secured by pledge of its own stock.....................................
234,582
621,928
Loans secured by pledge of other stock....... .................................
Domestic exchange.........................................................................
2,093,493
Foreign exchange.............................................................................
231,822
Bonds................................................................................................
1,231,944
Money invested in stock.................................................................
858,897
Suspended debt and debt in suit.....................................................
460,584
State Treasury.................................................................................
55,402
Branches and agencies........................
1,623,376
Bonds under law for rebuilding Charleston.....................................
331,447
Interest and expenses of State loan...................................................................9,847
Money invested in every other way than is specified in the forego­
ing particulars.............................................................................
431,258
Total resources of the banks................................................

37
79
62
11
66
68
92
31
45
25
54
62
26
21
75
99
44
75
88

$17,083,391 60

UNITED STATES TREASURY NOTES OUTSTANDING MARCH 1, 1852.
T reasu ry

D e p a r t m e n t , R e g is t e r ’ s O f f ic e ,

Amount outstanding of the several issues prior to 22d July, 1846, as
per records of this office...................................................................
Amount outstanding of the issue of 22d July, 1846, as per records of
this office.............................................................................................
Amount outstanding of the issue of the 28th January, 1847, as per
records of this office............................................................................
Total




M a rc h

1, 1852.

$134,811 64
17,300 00
8,850 00
160,961 64

476

Journal o f Banking, Currency, and Finance.
UNITED STATES TREASURER’S STATEMENT, FEBRUARY 23, 1852.

t r e a s u r e r ’s s t a t e m e n t , s h o w in g

the

amount

at

h is

c r e d it

in

th e

t r e a su r y , w it h

ASSISTANT TREASURERS AND DESIGNATED DEPOSITARIES, AND IN THE MINT AND BRANCHES,
B Y RETURNS RECEIVED TO MONDAY, FEBRUARY

23, 1852,

THE AMOUNT FOR W H ICH DRAFTS

HAVE BEEN ISSUED BUT W E R E THEN UNPAID, AND THE AMOUNT THEN REMAINING SUBJECT
TO DRAFT.

SHOWING, ALSO, THE AMOUNT OF FUTURE TRANSFERS TO AND FROM DEPOSITA­

RIES, AS ORDERED BY THE SECRETARY OF THE TREASURY.

Drafts

heretofore drawn
Amount on but not yet paid,
Amount
deposit.
though payable, subj. to draft.

Treasury of United States, Washington...
Assistant Treasurer, Boston, Mass..............
Assistant Treasurer, Yew York. Y, Y........
Assistant Treasurer, Philadelphia, Pa........
Assistant Treasurer, Charleston, S. C.........
Assistant Treasurer, Yew Orleans, La. . . .
Assistant Treasurer, St. Louis, Mo..............
Depositary at Buffalo, Yew York...............
Depositary at Baltimore, Maryland............
Depositary at Richmond, Virginia..............
Depositary at Yorfolk, Virginia..................
Depositary at Wilmington, Yorth Carolina.
Depositary at Savannah, Georgia...............
Depositary at Mobile, Alabama..................
Depositary at Yashville, Tennessee ..........
Depositary at Cincinnati, Ohio....................
Depositary at Pittsburg, Pennsylvania__ _
Depositary at Cincinnati, (late)...................
Depositary at San Francisco.....................
Depositary at Little Rock, Arkansas.........
Depositary at Jeffersonville, Indiana..........
Depositary at Chicago, Illinois....................
Depositary at Detroit, Michigan................
Depositary at Tallahassee, Florida.............
Suspense account.........................$2,486 66
Mint of the U. S., Philadelphia, Penn.......
Branch Mint of U. S., Charlotte, Y. C........
Branch Mint of U. S., Dahlonega, Ga.........
Branch Mint of U. S., Yew Orleans, L a .. . .

$298,821
868,312
2,008,080
S75,865
111,812
415,675
519,806
110,010
52,245
20,668
76,694
5,628
82,129
43,479
46,048
28,381
281
3,301
564,387
63,789
74,443
63,307
45.078.
16,006
5,661,150
32,000
26,850
960,000

66 $2,819 81 $296,001 85
13
54,149 89 844,162 24
33 194,940 47 1,813,139 86
91
62,228 75 813,637 16
79
28,230 65
83,582 24
18 104,133 33 311,541 85
01
50,435 71 469,370 30
17
122 15 109,888 02
14
14,145 00
38,100 14
63
20,494 66
173 87
22
15,444 16
61,250 06
74
2,828 39
2,800 35
34
81,719 34
410 00
15,158 50
25
28,320 75
24
10,878 45
35,169 79
51
580 58
27,800 93
281 86
86
3,301 37
37
96 371,314 08 193,073 88
41
7,196 50
56,592 91
16
12,102 25
62,340 91
16
7,750 64
55,556 52
06
33,210 82
11,867 24
41
690 90
15,415 51
2,486 66
00
5,661,150 00
00
32,000 00
26,850 00
00
00
960,000 00

Total.................................................... 13,074,254 54
Deduct suspense account......................

983,150 13 12,093,591 07
2,486 66

Add difference in transfers

$12,091,104 41
1,605,000 00

Yet amount subject to draft.............................................................$13,696,104 41
Transfers orderedto Treasury of the United States, Washington.
$360,000 00
Transfers ordered to Assistant Treasurer, Yew Orleans, Louisiana. 1,125,000 00
50,000 00
Transfers ordered to Assistant Treasurer, St. Louis, Missouri.....
Transfers ordered to Depositary at Yorfolk, Virginia...................
120,000 00
Transfers ordered from Assistant Treasurer, Philadel., Pa...........
50,000 00
$1,705,000 00
INGENIOUS FRAUD IN GOLD COINS.

It is stated that a number of ten and twenty dollar gold pieces are in circulation at
Pittsburg, having holes first bored through them and then so nicely filled up as to render
detection very difficult.




Journal o f Banking, Currency, and Finance.

477

BONDS ISSUED IN CERTAIN DISTRICTS OF PENNSYLVANIA.
In reply to a resolution adopted in Senate, some time ago, calling upon the Auditor
General for a statement of the bonds, scrip, and other certificates of indebtedness
issued by the several counties, incorporated cities, districts, and boroughs of the Com­
monwealth of Pennsylvania, that officer has communicated the following:—
STATEMENT SHOWING THE AMOUNT OF
DEBTEDNESS

ISSUED

BY

COUNTIES,

BONDS,

SCRIP, AND

INCORPORATED

OTHER

CITIES,

CERTIFICATES

DISTRICTS,

SUBJECT TO THE STATE TAX IMPOSED BY THE 4 2 d SECTION OF THE ACT
AP R IL ,

1844,

OF IN­

AND BOROUGHS
OF

2 9 t II OF

TOGETHER W ITH THE RATE OF INTEREST ON THE SAME, AND THE

TIME

W HEN REIMBURSABLE.

Counties, Cities, Districts, &c.

Amount of Bonds.
§1,000,000 00
23,400 00
909,023 73
634,043 60
640,824 41
6,830 58
60,827 00
6,745 00
120,198 00
1,889,900 00
3,577,300 00

County of Alleghany a ............
Chester b ................. .
Philadelphia c ..........
“
c ..........
City of Alleghany d ......................
E rie c...........................
Lancasterf ...................
Philadelphia g
Pittsburgh h ...............................
District of Kensington h ......................
Moyamensing h .................
Northern Liberties i . . . .
Pennsylvania^*..
Southwark k . . .

k ...
Spring Garden l .
Borough of Harrisburg l . . .
Westchester m..
“
m .. ,

37,800
257,900
133,000
161,350
204,650

Aggregate.
§1,000,000 00
23,400 00

6
6
5

1,613,067 33
640,824 41
6,830 58

6
6
5
5i

187,780 00

6

5,467,200 00

6

5

00
00
00
00
00

5
295,700 00
138,000 00

6
6

366,000 00

6

5

26,800 00
1,600 00
4,300 00

Total

Rate
of
inter’t.

5
H

32,700 00

6

$9,866,592 32

DEBT OF THE CITY OF NEW YORK.
The following statement of the debt of the city of New York is derived from the
annual message of the Mayor:—
FUNDED DEBT REDEEMABLE FROM TAXATION.
SIX PER CENT BUILDING LOAN STOCK NO. 2 .

Payable February 1, 1852................................................................................
44
44 1853................................................................................

44 1853

$50,000
50,000
50,000
50,000
50,000
5,000
5,000

Total...................................................................................................

$260,000

“

“ 1854.......................................................

44
44 1855 ................................................................................
44
44 1856................................................................................
6 percent Washington Square Iron Railing Stock—Payable Nov. 1, 1852
5

“

“

44

44

a Time o f redemption not stated.
b Redeemable in 1853, 1858, and 1854.
c Time o f redemp­
tion not stated.
d Redeemable in 1847 to 1875.
e Redeemable in 1801; rate o f interest not
stated.
/ Part overdue; balance redeemable at various periods up to 1880.
g Redeemable
from 1854 to 1888.
A No report or reply to circular.
/ Redeemable from 1835 to 1880.
j Redeemable from 1852 to 1876.
k Redeemable from 1853 to 1885.
L No report or reply to
circular.
m Part overdue; balance redeemable in 1856 and 1858.




478

Journal o f Banking, Currency, and Finance.

In addition to the above there have been issued since August 1st, the following:—
FIVE PEE CENT PUBLIC BUILDING STOCK NO. S.

Payable November 1, 1857......................................................................
“
“ 1858.....................................................................
“
“ 1859......................................................................
Total...................................................................................................

§50,000
50,000
50,000
$150,000

N E W TO E K CITT FIVE P E E CENT STOCKS FOE DOCKS AND SLIPS.

$50,000
50,000
50,000
50,000
50,000
50,000
$300,000

Payable November 1, 1867...................
“
“ 1868......................................................................
“
“ 1869......................................................................
“
“ 1870......................................................................
“
“ 1871......................................................................
“
“ 1872.................................
Total....................................................................................................
PEEMANENT CITY DEBT KEDEEMABLE FEOM TIIE SINKING FUND.

$515,000
6 per cent Public Building Stock, redeemable 1856................................
5
“
Building Loan Stock, No. 3, 1870.............................................
50,000
5
“
Fire Indemnity Stock, 1868......................................................
6,525
5
“
Water Loan Stock, 1858...........................................................
3,000,000
2,500,000
5
“
“
“ 1S60..........................................................
5
“
“
“ 1870..........................................................
3,000,000
5
“
Water Stock of 1849,1875.......................................................
255,600
5
“
Water Loan Stock, 1880...........................................................
2,147,000
5 and 6 per cent Croton Water Stock, 1890..............................................
850,000
7 per cent Water Loan Stock, 1852.........................................................
889,207
7
“
“
“ 1857..........................................................
990,488
Total.................................................................................................... $14,578,908
FINANCES OF THE CROTON AQUEDUCT,

In the M erch a n ts’ M aga zin e for December, 1851, (vol. xxv., pages 704W15,) we
published a carefully prepared account of the Croton Aqueduct, embracing the
general statistics of its progress down to that time. From the report of the President,
we extract the subjoined statement of receipts and expenditures for 1851
EXPENDITCEES.

Appropriation
Balance unex- by Common
pended from Council for
Expenditures.
1850.
1851.

Aqueduct construction account..
Aqueduct repairs and improve­
ments ....................................
Water and extension.................
Water pipes and laying. . . . . . .
Sewers, repairing and cleaning.
Salaries of officers.....................
Statistical tables.......................
Various works directed by Com­
mon Council...........................
Total..............................

$4,362 30
23,688
2,955
187,498
11,230
23,870
1,071

53
74
12
78
00
20

85,553 90
9,959
4,594
7,647
2,075

21
16
31
78

$15,000

1,062 61

1,500

1,491 41

5,000

572 54

$51,447

$20,105 84

19,447
10,500

4,427 46
8258,104 03

To credit
of 1852.
$1,191 60

$30,893 97

1,278
1,638
13,596
1,345

68
42
19
00

RECEIPTS.

Received for water.............................................................................
R eceived for interest on unpaid rates.................................................
Received for permission to make connections with public sewers...

$451,665 00
7,124 83
21,835 50

Total........................................................................................
Total receipts, appropriations, with balances from 1850, were.........
Total expenditures in 1851 ...............................................................
Balance in City Treasury...................................................................

$480,625
760,884
259,104
501,780




33
67
13
84

Journal o f Banking, Currency, awe? Finance.

479

IMPORT AND EXPORT OF GOLD AND SILVER.

We give below a statement of the export of gold and silver to foreign countries,
from the port of New York, also of the receipts of gold and bullion at New York,
from California, during the year 1851 :—
EXPORTS OF GOLD AND SILVER TO FOREIGN COUNTRIES, FROM TIIE PORT NEW YORK, FOR

1851.
August.............................
1,007,689 September.......................
October.............................
November.........................
December..........................
THE YEAR

January ...............
February ............. .............
March.................
April....................
May.....................

$2,653,444
3,490,142
1,779,707
5,033,996
5,668,235

6 4 62 867

July......................
VALUE

Total..........................

O F IM P O R T S IN T O T H E P O R T

OF N E W

July.....................

$43,723,209

O F G O L D AN D BU LLIO N F R O M C A L IF O R -

Y E A R 1851.
August.............................
September.......................
1,951,055 October.............................
November.........................
December..........................
3 975 355
Total..........................

N IA , F O R

January................
February..............
March.................. .............
April,...................
May.....................

YORK

THE

$4,105,689
3,237,460
3,756,241
7.510,646
4,475,794

OF THE FREE BANKING LAW OF ILLINOIS.

The answers to the questions annexed are from the Auditor of the State of Illinois,
T. H. Campbell, Esq. For a more detailed catechism of this law the reader is referred
to the M erchants' M aga zin e for January, 1852, (vol. xxv., pages 96-99.)
Q u e s t io n .
Will it be required that an “ in divid ua l ba nk er ” have any specified
amount of capital ?
A nsw er.
The law makes no distinction between in divid ual ba nk ers and associa­
tion s, and no specified amount of specie capital is required.
Q. Will it be required that he be a resident of your State ?
A. I do not find anything in the law requiring that bankers shall reside in the
State.
Q. What amount of stocks must he deposit to commence receiving circulating
notes ?
A. Not less that fifty thousand dollars.
Q. Will such circulating notes require the signature of both president and cashier ?
A. Sec. 11 requires the signature of both president and cashier.
Q. IIow much specie does the law require to be kept by the bank on the one hun­
dred thousand dollars of circulation ? or what per centage ?
A. The law does not require any specified amount.
Q. If circulating notes should be protested, must the holder deposit them with the
auditor before you notify the banker; and how long can the holder retain such protest­
ed notes out of the hands of the auditor, and draw twelve-and-a-half per cent interest ?
A. I am of the opinion that the law does not require the notes to be deposited
with the auditor, and that the holder could not claim damages after he had notice of
the ability of the bank to pay.
Q. What time, after giving notice that notes are protested and lodged in your
hands, would the banker be allowed to pay the same ? and, if paid within the time,
would he be liable to have his banking business interfered with by any legal tribunal,
for the single cause of having had his notes protested ?
A. Sec. 26 provides that the auditor shall, immediately after the bank had been
notified to pay any note that may have been protested, proceed to adopt measures
to pay the liabilities of the bank, and prohibit the ofiicers from having any power to
transact business.
Q. Is it necessary for an “ individual banker” to file a certificate, such as is re­
quired by Sec. 7 of the Act ?
A. It is.
Q. How must the circulating notes of an “ individual banker” read ?
A. The same as those of associations.




Commercial Statistics.

480

COM M ERCIAL STATISTICS.
FOREIGN AND COASTING TRADE OF THE UNITED KINGDOM.

From the monthly accounts relating to “ Trade and Navigation,” “ presented to both
Houses of Parliament by command of Her Majesty,” regularly forwarded to the M er ­
chants’ M a g a zin e by the Hon. A b b o t t L a w r e n c e , our Minister to England, we compile
the subjoined statements of vessels employed in the Foreign and Coastwise trade of
the United Kingdom
AN ACCOUNT OF THE NUMBER. AND TONNAGE OF VESSELS, DISTINGUISHING THE COUNTRIES
TO W HICH THEY BELONGED, W H ICH ENTERED

INW ARDS

AND

CLEARED

OUTWARDS

IN

THE TW ELVE MONTHS ENDED 5 t H JANUARY, 1 8 S 2 , COMPARED W ITH THE ENTRIES AND
CLEARANCES IN THE CORRESPONDING PERIODS OF THE YEARS 1 8 5 0 AND 1 8 5 1 , STATED
EXCLUSIVELY OF VESSELS IN

BALLAST, AND

OF

THOSE

EMPLOYED

IN

THE

COASTING

TRADE AND THE TRADE BETWEEN GREAT BRITAIN AND IRELAND.
ENTERED INWARDS.

1850.

Countries to which vessels belonged.
U. Kingdom & its Dependencies

Russia......................................
Sweden.....................................
Norway.....................................
Denmark..................................
Prussia.....................................
Other German States..............
Holland.....................................
Belgium...................................
France.......................................
Spain........................................
Portugal....................................
Italian States............................
Other European States.............
United States of America ____
Other St’s in Amer., Af., or Asia..

1851.

1852.

Tonnage.
20,292 4,390,375 18,728 4,078,544 19,367 4,388,245
354
295
80,219
88,289
441 122,665
402
396
55,847
64,732
95,096
557
1,013 157,739 1,272 218,329 1,782 331,909
1,885 143,480 1,787 136,594 1,843 156,422
622 126,051 1,088 224,514 1,338 290,614
1,236 114,223 2,059 240,256 1,869 240,525
91,384 1,320 116,410 1,141 125,617
1,119
252
220
35,274
202
38,427
36,583
2,199 136,143 2,568 156,952 2,265 142,126
117
17,812
150
170
23,717
26,557
106
11,682
72
113
10,369
8,944
319
97,515
661 170,231
88,840
359
106
81
29,738
273
71,690
23,667
896 587,986
748 595,191
970 778,664
10
2,636
2,030
10
7
2,345
Ships.

Tonnage.

Ships.

Tonnage.

Ships.

Total.................................. 30,870 6,071,269 31,249 6,113,696 32,961 6,988,233
CLEARED OUTWARDS.

U. Kingdom & its Dependencies 17,169 3,762,182 17,648 3,960,764 18,205 4,147,007
215
57,422
295
74,965
305
Russia.......................................
86,182
42,478
394
443
Sweden.....................................
327
60,917
70,607
732 113,335
812 123,485
587
82,277
Norway.....................................
Denmark................................... 1,708 135,454 1,830 148,669 1,946 171,003
631 120,226
929 179,887 1,096 219,794
Prussia ...................................
1,331 134,356 1,985 225,331 2,142 250,169
Other German States............
86,615 1,029 124,034 1,165 154,885
858
Holland.....................................
244
42,215
208
36,501
202
Belgium...................................
38,667
2,548 226,361 2,542 212,672 2,286 190,742
France......................................
131
144
22,611
181
Spain........................................
18,897
28,226
59
6,480
62
7,414
Portugal...................................
52
7,456
311
84,371
360
97,693
579 156,590
Italian States............................
69
20,033
19,493
177
Other European States............
67
48,310
United States of America . . . .
919 608,324
776 620,034
946 788,406
8
Other St’s in Amer., Af., or Asia.
2,217
10
2,658
6
1,615
Total................................. 27,115 5,429,908 29,011 5,906,978 30,543 6,483,144
COASTING TRADE OF

THE UNITED KINGDOM.

The followiDg table, which we compile from the same official document, exhibits the




481

Commercial Statistics.

number and tonnage of vessels which entered inwards and cleared outwards with car­
goes, at the several ports of the United Kingdom in the twelve months ended January
5th, 1852, compared with the entries and clearances in the corresponding periods of
the years 1850 and 1851, distinguishing the vessels employed in the intercourse be­
tween Great Britain and Ireland from other coasters.
EMPLOYED IN THE INTERCOURSE

BETWEEN

GREAT BRITAIN AND IRELAND.

ENTERED INWARDS.

1850.

Ships.....................................No.
Tonnage......................................

8,607
1,478,059

1851.

1852.

8,569
1,585,057

9,187
1,679,483

OTHER COASTING VESSELS ENTERED INWARDS.

Ships..................................... No.
Tonnage............................................

124,668
10,489,414

127,588
10,979,574

124,450
10,715,419

Total ships............................. No.
Total tonnage....................................

133,275
11,967,473

136,157
12,564,631

133,637
12,394,902

EM PLOYED IN THE INTERCOURSE BETWEEN GREAT BRITAIN
CLEARED

Ships..................................... No.
Tonnage.............................................

AND

IRELAN D.

OUTWARDS.

18,000
2,159,954

18,268
2,355,160

19,051
2,378,097

OTHER COASTING VESSELS CLEARED OUTWARDS.

S h ip s................................... No.
Tonnage............................................
Total ships............................. No.
Total tonnage................................

131,166
134,072
10,755,630
11,285,360
149,166
152,340
12,915,584 13,640,526

131,899
11,088,018
150,950
13,466,115

TRADE OF THE UNITED KINGDOM WITH FOREIGN COUNTRIES,
AND BRITISH COLONIES AND POSSESSIONS ABROAD.

We are indebted to H enry C. Carey , Esq., the Political Economist, for the sub­
joined tabular statement of the value of imports and exports, for five years—that is,
from 1845 to 1850 :—

Official value
of imports.

¥e»ars.

1845
1846
1847
1848
1849
1850

........................
........................
........................
........................
............................
............................

Official value
ol' expo, ts
o f foreign a..d
colonial goods.

£85,281,958
£16,280,870
75,953,875
16,296,162
90,921,866
20,036,160
93,547,134
18,368,113
105,874,607 25,561,890
100,460,433 21,893,167

Real or deOfficial value
dared value
of exports o f
o f exports of
British produce British produce
&. manufactures. & manufactures.

£134,599,116
132,288,345
126,130,986
132,617,681
164,539,504
175,416,709

£60,111,081
67,786,876
58,842,377
52,849,445
63,596,025
71,359,184

COMMERCE AND NAVIGATION OF THE PORT OF RIO DE JANEIRO IN 1851.

The subjoined statement of the Commerce and Navigation of the port of Rio de
Janeiro in 1851, was prepared expressly for the M erch a n ts’ M a g a zin e by Luiz H. F.
d ’ A g u i a r , the Brazilian Consul-General to the United States.
In the M ercha nts’
M aga zin e for April, 1851, (vol. xxiv., pages 474-475,) we published a similar statement
for the year 1850, together with tables of the export of hides, rice, tapioca, rum, rose­
wood, sugar, tobacco, coffee, &c., for a series of years, furnished at our hand by the
same authoritative source.
In consequence of the complete repression of the slave trade, a great quantity of
capital previously employed in that nefarious business found its way into the market,
V OL.

XXVI.---- NO. IV.




31

482

Commercial Statistics.

occasioning a fall of 8J to 4 per cent in discount, and a rise in different stocks of com­
panies, and the establishment of the Bank of Brazil, with a capital of 10,000 contos,
($5,000,000,) which went into operation in August.
FOREIGN ARRIVALS.

Vessels.

Tons.

With cargo for the port.............
Other destinations. . . ..............
On the way to California..........
In ballast from foreign countries
Ditto from ports of the Empire.

947
61
28
167
17

237,667
16,158
10,428
49,716
3,479

Total in 1851.....................
Total in 1860.......................

1,210
1,022

317,347
264,616

With products of the country................................
With foreign products...........................................
For California.........................................................
In ballast for foreign countries.............................
Ditto for ports of the Empire...............................

805
171
6
76
80

285,238
87,427
2,488
83,490
26,053

Total in 1851..............................................
Total in 1850 ........ ........................................

1,138
1,080

434,696
880,671

CLEARANCES.

COASTWISE.

Arrivals of vessels................
Arrivals of steamers............
Tons.......................................

1,935
359
221,641

Departures of vessels...........
Departures of steamers........
Tons......................................

1,863
380
225,002

During the year 292 vessels arrived, and 279 cleared under the American flag.
In the early part of the year discount was at the rate of I to 7£ per cent, and in
consequence of abundance of capital, in the latter part of the year, it was down at 4
to 4J per cent. The highest rate of exchange on London was 81, and the lowest 27i
per cent. In Government stock the first transactions were made at 85 a 85f, and at
the end of the year at 93-J a 94.
The Custom-House duties were 11,807,701$, and the export duties of 2,889 :358$, or
14,697 :0598000, against 11,623 :0660000 in 1850—being an increase of 3,073:9930000.
C o m m e r c i a l B a n k .—This bank, during the year, increased its capital to the amount
of 5,000 shares, of the value of 500 mil reis, and such was the abundance of capital
unemployed, that, in a few hours, all were taken for 600 mil reis. The amount taken
upon interest was 31,093 :138$, at a medium of 3 91-100, and discounts were effected
to the extent of 40,717 : 306$, and the yearly dividend of 9 per cent.
LEADING ARTICLES IMPORTED.

Cotton manufactures.
W oolen....................
Linen........................
Silks.........................
Codfish.......................
Coals.........................
Ale and Porter........ ........ bbls.
Flour .......................

42,560
6,488
6,695
1,088
1,263
54,602
42,007
23,704
283,893

Candles, sperm.........
composition.
tallow........
Wines, Portugal........
Mediterranean
Bordeaux . . .
Butter........................
Cordage ....................

90
6,052
1,043
14,033
17^644
4^421
25,661
6,480

EXPORTS OF PRODUCE OF THE COUNTRY.

Coffee.....................
Hides.......................
Sugar....................... .cases
Bum......................... .pipes
Bice.........................




1,846,213 Homs....................... ..Ho.
147,296 Tobacco...................
7,824 Bosewood.................. pieces
3,892 Half-tanned hides . . . .No.
8,229 Tapioca....................

256,949
28,765
S6.547
12,774
17,737

483

Commercial Statistics.
FLOUR

Gallego............................. bbls.
Haxall....................................
Baltimore.................................
On hand Jan. 1, 1851.. .bbls.
Imported...............................

IMPORTED.

53,014
35,950
85,714
67,763
283,893

Philadelphia................... bbls.
Others......................................
European................................
Re-exported................. bbls.
Ditto coastwise.....................
On hand December 31..........

18,194
63,251
27,770
77,956
45,870
53,000

Total...........
Or a consumption of 174,830 bbls., or nearly 480 bbls. a day.

176,826

COMPARATIVE DESTINATION OF COFFEE.

Africa ........ bags
Antwerp ............
Baltic...................
Cape of Good Hope
Channel................
Anseatic Cities. . .
United States.. . .

1850.

1851.

40
58,479
99,202
9,687
169,968
107,147
634,915

3
84,711
88,619
21,717
252,255
169,885
893,671

1850.

1851.

H avre.......... bags
Mediterranean ..
Pacific.................
Portugal ..........
River Plata........

53,915
212,108
1,437
9,277
2,983

69,374
226,462
2,993
30,900
5,623

Total.............. .

1,359,058

•

1,846,213

PUBLIC COMPANIES OF RIO JANEIRO.

Steam Packet
Nitherohy, Steamboat Company.. . .
M
....
Inhomerim
Omnibus........
Monte de Soccorro..............
Commercial Bank..............
Bank of Brazil
Gondolas . . . .

Nominal.

Jan., 1851.

360$
250
300
100
100
500
...
250

240$
100
340
129
142
700
120

Jan., 1852.

4208
125
350
126
142
660
60 prm.
100

HOGS PACKED I1V THE WESTERN STATES.

(

The Cincinnati P r i c e C u rren t —good authority—furnishes the subjoined statistics of
the hogs packed in the States of Ohio, Indiana, Illinois, Iowa, Missouri, in 1851-52,
compared with 1850-51:—
1 8 5 1 -5 2 .

1 8 5 0 -5 1 .

461,075
359,761
174,671
27,500
58,168
199,300
8,500

443,418
348,754
257,536
70,500
107,274
205,914
24,000

1,288,975

1,457,396
1,288,975

Deficiency.....................................................................................
West of White River...........................................................................
Bedford, Iowa....................................................... '...............................
Shawneetown and Grayville................................................................

168,421
2,000
6,600
5,000

Ohio......................
Indiana .
Illinois.......................................
Iowa..........................................
Missouri...................................
Kentucky................................ ,
Green and Cumberland Rivers.

Total Deficiency............................................................................
182,021
The P r i c e C u rren t says :—“ There are some points in Iowa and Missouri to hear
from, and these returns we will give hereafter, as soon as received in a reliable shape.
As we remarked in a previous number, most of the above returns were received from
our correspondents at the several points, and while we do not claim for the figures enire accuracy, we believe the statements, upon the whole, to be as correct as it is pos­
sible to obtain.”




4 34

SPIRITUOUS AND MALT LIQUORS PRODUCED IN THE UNITED STATES AND TERRITORIES
DURING THE YEAR

1850---ALSO,

THE AMOUNT OF GRAIN & C ., CONSUMED IN THEIR PRODUCTION, COMPILED FROM THE RETURNS OF THE SEVENTH CENSUS.

•

S ta te s .

C a p it a l
in v e s te d .

B u s h e ls
b a r le y .

Total.......................




8,334,254
* Wheat.

3,787,195

2,000
19,400

26,600

20,000
1,647,266
254,000
1,483,555
166,100
250,700
64 650
18 100
20^150

20,000
909,067
58,400
517,180
54,300
62,680
4,700

258,400
551,350
309,200
3,588,140
1,417,900
703,500
212,300
51 150
29,900
2,000

11,067,761

2,500
5,480
30,520
24,900
281,750
48,700
48,700
19,150
7,200
200
*12,900

2,143,927

35,130
6,707
24,700
460
450

60,940
409,700
51,200

10
24,500
10

2

5
2
131
9
20
1,380
197
911
126
123
75
33
15
2
8
159
274
179
1,033
287
274
98
19
98
21
3
5

1,294

5,487

1
29
6
2
581
42
263
25
14

1,500
10

... . *
5,000

18
31
178
18
30
16

19,500
1,000
2,200

28

56,517

526,840

61,675

H ands
e m p lo y e d .

r—Q u a n t i t i e s o f l i q u o r p r o d u c e d . —%
G a l lo n s
G a l ls , w h is B a r r e ls
ru m , & c.
k e y , & c .+
a le , & c .

220,000

800
25,800
3,900
644,700
34,750
189,581
26,380
5,500

120,000

3,786,000

130,000
9,231,700
1,250,530
6,548,810
787,400
879,440
153,030
43,900
60,450

1,200
2,488,800
1,500

3,000
3,000
19,500
44,850
96,943
11,005
27.925
10,320
31,320
300
1,350

657,000
1,491,745
939,400
11,865,150
4,639,900
2,315,000
690,900
160,600
127'000
42,000
............

1,177,924 42,133,955

f This includes high wines.

..............
6,500,500

Commercial Statistics.

17,000
7’000
2 500
Massachusetts............
457,500
80,000
17,000
12,500
15,000
Connecticut...............
New Y ork ................. 2,6S5,900 2,062,250
New Jersey................
409,655
103,700
Pennsylvania............
1,719,960
550,105
Maryland....................
247,100
76,900
Virginia......................
'100,915
20,000
21,930
3 475
7 150
500
8,500
10 000
Tennessee....................
66,125
3,000
Kentucky....................
168,895
65,650
Missouri......................
298,900
124,440
Ohio........................... 1,262,974
330,950
Indiana.......................
834,950
118,150
Illinois.......................
303,400
98,000
Michigan......................
139,425
32,030
Iowa...........................
19,500
Wisconsin....................
98',700
91,020
7,300
Utah...........................
3,000
1,000
District of Columbia..
12,000
5,000

---------- Q u a n t i t ie s a n d k i n d s o f g r a in . & c . c o n s u m e d . ---------------B u s h e ls
B u s h e ls
B u s h e ls
H hd s.
T ons
B u s h e ls
rye.
o a ts.
m o la s s e s .
a p p le s .
h op s.
corn .

485

Commercial Statistics.
COMMERCE OF WESTERN TOWNS COMPARED,
F

reem an

H

unt,

E

sq

.,

E d ito r o f the M erchants' M a g a zin e , etc . :—*

:—Below you have the exports and imports, coastwise, of Cleveland,
Sandusky, and Toledo, as valued by their respective Collectors of Customs, for the
year 1851:—
D

ea r

S

ir

C le v e la n d .

S a n d u s k y C it y .

T o le d o .

Imports..............................
Exports..............................

$9,817,897
9,262.657

$13,644,670
4,656,641

$22,987,772
7,847,808

T otal.........................

$19,180,554

$18,301,311

$30,855,580

Great care was exercised by the Collector of Toledo to make a correct estimate, and,
in regard to exports, the value of which could be known, he is, no doubt, quite accu­
rate. By overvaluing merchandise, as it seems to me, he has swelled the imports to
nearly three times the exports. It is likely that the Collector at Sandusky has com­
mitted the same error ; I know he did, in past seasons. If one-quarter were added to
the exports ot each place, it would give a result, for the imports, more satisfactory to
me than the estimates of the Collectors. The imports shou ld exceed the exports in
value, because they go to places whose exports are made through New Orleans.
The quantities of corn, wheat, flour, pork and lard, bacon, and staves exported, and
salt imported, in 1851, appear to be as follows, says the Toledo B l a d e :—
Cleveland
Sandusky.
Toledo.
Chicago.
2,775,149
2,531,697
Corn.........................
906,653
712,121
8,000
43,663
Corn to Canada........
1.630,744
293,149
2,141,943
1,800,397
Wheat.......................
245,233
41,539
656,040
147,951
Flour....................... . . .bbls.
38,658
12,763
Pork.........................
13,580
5,564
3,698
3,644
Pork to Canada. . . .
27,165
4.312
766
4,468
Lard.......................
1,294
13,639
Bacon.....................
Bacon.......................
3,629
...
___ lbs.
416,000
789
1.079
........M.
....
2,604,854
Staves ................... ....N o .
. . .*.
92,270
37,263
102,032
Salt (imported)....... .. .bbls.
87,052
79,080
Salt
50,947
2,469
60,000
DOMESTIC EXPORTS FROM DETROIT IN 1851 VALUE--$4,846,919.
Flour........................
Wheat.....................
Corn.........................
Pork........................ ..bbls.
Pork, hog.................

561,678
664,366
261,480
1,111
2,541,191

Fish..................... . . . .bbls.
Beef...................
Lumber.............
Staves............... ........No.
Wool...................

17,615
2,229
30,717,000
10,856,000
1,827,424

By this table it will be seen that in wool, fish, and lumber, Detroit stands No. 1
among the upper Lake Erie ports. In flour No. 2, and in value of exports No. 3.
The breadstuff's exported, as shown by the above table; from four lake ports, count­
ing the flour at five bushels the barrel, exceed eighteen and a qu a rter m illio n s o f bush­
els. If Detroit and the other lake ports were included, the amount would probably
be swelled to twenty-four or twenty-five millions shipped in 1851 from the upper
lakes. If prices should encourage exports through this year, the amount for 1852 will
be greatly in excess of that of last year.
Yours truly,
J. W. SCOTT.

IMPORTS OF FRANCE IN 1851,

The M o n iteu r publishes the r^urns of the principal articles imported into France,
and the duties levied thereon, in 1851. Those duties produced f 117,121,485, or
f 7,575,000 less than in 1850, and f 10,735,000 less than in 1849. The salt-tax, reduced
by two-thirds since 1848, gave, in 1851, f 26,616,000, or about f 1,000,000 more than
last year. The number of vessels, French and foreign, which entered the ports of
France in 1851, amounted to 17,406, measuring 2,188,556 tons, and those which cleared
out to 17,035, measuring 1,870,094 tons.




486

Commercial Statistics.
THE BRITISH TOBACCO TRADE,

The official trade tables of the country show an increase in the importation of to­
bacco last year compared with the preceding. In eleven months, ending the 5th ult.,
of manufactured tobacco there were 25,376,Oil lbs. imported ; and in the like period
of the preceding year, 21,931,304 lbs ; whilst in the eleven months ending the 5th ult.,
there were 25,490,154 lbs. entered for home consumption, and in the same period of
1850, 25,420,927 lbs. entered for home consumption, chargeable with duty.

THE PORK TRADE OF THE WEST,

The following statement, which we copy from the Cincinnati P r i c e C u rren t , shows the
extreme and average prices for each day of the season of 1851-52, and the average
for 1850-51, and also the weekly average for the three last seasons :—
Date.
November 21.......................
22.......................
24.......................
25.......................
26.......................
27.......................
29.......................
December 1.......................
2.......................
3.......................
4 .......................
5 .......................
6.......................
8 .......................
9 .......................
10.......................
11.......................
12.......................
13.......................
15.......................
16.......................
17.......................
18.......................
19.......................
20.......................
22.......................
23.......................
24.......................
26.......................
27.......................
29.......................
30.......................
31.......................
January
2 .......................
3.......................
5 .......................
6.......................
7 .......................
8 .......................
9 .......................
10.......................
11.......................
13.......................
14.......................
15.......................
16.......................




1 8 5 1 -5 2 .

1 8 5 0 -5 1 .

Extreme rate.

..........

,4 50

..........

4 60

..........
..........
..........

4 85
4 80
4 82

..........
..........

4 85
4 85

..........

4 85

4
4
4
4
4
4
4
4

55
60
60
60
55
55
55
55

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

60
60
60
60
60
65
70
75
75
75
80
85
85
95
95
90
90
90

4
4
4
5
5
5
4
4

90
90
90
00
00
00
90
95

....

Average.
$4 60
4 50
4 50
4 55
4 50
4 55
4 55
4 55
4 62*
4 62*
4 52*
4 52*
4 55
4 55
4 55
4 55
4 55
4 55
4 62*
4 65
4 67*
4 70
4 70
4 75
4 79
4 82
4 90
4 90
4 87*
4 85
4 87
4 85
4 85
4 85
4 85
4 95
4 95
4: 95
4 87*
4 90

....

Average.
$3 75
4 00
4 00
4 00
4 00
4 00
4 00
3 95
3 83
3 75
3 75
3 85
3 80
3 90
4 00
4 07
4 10
4 10
4 10
4 10
4 10
4 08
4 10
4 10
4 05
4 10
4 05
4 10
4 05
4 10
4 05
4 15
4 15
4 20
4 20
4 20
4 20
4 25
4 26
4 20
4 20
4 15
4 20
4 25
4 25
4 35

\

487

Commercial Statistics.
W E E K L Y AVERAGE.

1851—52.

....

November 15.............................
21.............................
28.............................
December 5.............................
12.............................
19.............................
27.............................
January
5 .............................
11.............................
17.............................

...•
$4 52
4 53
4 55
4 69
4 85
4 87
4 92
—

Average for the season.. . .

4 70i

1850—51.

1 8 4 9 -5 0 .

....

$3
4
3
3
4
4
4
4
4

82
2
2
2
2
2
2
3
3
3

62
00
89
93
10
08
09
22
21

4 00i

65
70
70
72|
86
84
94
07
32
30

2 91

It is seen that the average for the, season is seventy-five cents per 100 lbs. higher
than in 1850-51, and $1 89 above the average of 1849-50.
COMMERCE OF TAMPICO, MEXICO.

We are indebted to F r a n k l i n C h a s e , Esq., United States Consul at Tampico, for
the subjoined statement of the Commerce of Tampico for the year 1851:—
GROSS RETURN OF AMERICAN AND FOREIGN TRADE AT TUE PORT OF TAMPICO DURING THE
YE AR ENDING DECEMBER

Nations.
American............................... ..........
..........
Mexican.................................. ..........
Spanish................................... ..........
English.................................... ..........
French ....................................
Oldenburg ............................. ..........
Hamburg............................... ..........
American men-of-war............ ..........

Vessels.

38
12
41
6
6
1
2
1

Total...............................

31, 1851.
Tons.
3,631

Men.

259

of cargoes
8273,668

2,412
612
608
2,148
110
227

....

261
54
62
418
5
13
...

124,737
94,000
432,100
519,900
65,000
41,600

10,018

802

81,551,035

3,571
....
2,231
689
507
1,997
198
159
....

242

8307,35&
3,068,353
29.S70
113,243
2,830
9,269
1,500

DEPARTED.

American .............................
British steam packets............ ..........
Mexican................................. ..........
Spanish...................................
English.................................... .........
French.....................................
Oldenburg............................... ..........
Hamburg............................... ..........
American men-of-war............ ..........
Total...............................

12
38
6
2
1
1

9,352

243
61
45
132
11
6

...
740

83,532,423

—The British steam packets, Mexican, Spanish, English, French, and Old­
enburg vessels exported specie.— 1 American, 1, Mexican, 1 French, and 1 Oldenburg
vessel were lost on the bar.
N o t e .—Imports per British steam packets were 1,590 flasks of quicksilver, for
mining purposes.
R

em arks.

BRITISH TRADE WITH THE EAST.

The East India and China Association have published their usual comparative state­
ment of the number of British ships, with the aggregate tonnage, entered inwards and
cleared outwards from and to places within the limits of the East India Company’s
charter, in the years 1850 and 1851. According to the statement of the vessels en-




/

488

Commercial Statistics.

tered inwards, the increase in favor of the latter period is 1*7 vessels, with 24,278 ton­
nage—the difference between 926 vessels, with 442,793 tonnage, in 1850, and 943 ves­
sels, with 467,071 tonnage, in 1851. The port of London figures for an increase of 12
vessels, with 15,563 tonnage, the number of vessels entered inwards being 597, with
288,849 tonnage, for 1850 ; and 609 vessels, with 304,412 tonnage, for 1851. In the
case of Liverpool there is also an increase of 18 vessels, with 12.651 tonnage—the dif­
ference between 24S vessels, with 123,843 tonnage, and 266 vessels, with 136,494 ton­
nage. Bristol and Hull show a decrease of not less than 14 vessels, with 4,931 ton­
nage ; 22 vessels, with 8,461 tonnage, having entered inwards in 1850, while for the
latter year the return does not exceed 8 vessels, with 3,530 tonnage. Clyde and the
other ports exhibit a very slight alteration, the increase being one vessel, with 995 ton­
nage, or the difference between 59 vessels, with 21,640 tonnage, and 60 vessels, with
22,635 tonnage. Reviewing the whole of the statistics connected with vessels entered
inwards, it appears the chief increase has been in arrivals from Madras, China, New
South Wales, and Calcutta, and the decrease in arrivals from Mauritius, Bombay, Sin­
gapore, and Penang. The statement of vessels cleared outwards shows a decrease of
222 vessels, with 78,346 tonnage—the difference between 1,173 vessels, with 562,495
tonnage, and 951 vessels, with 484,149 tonnage. In no instance has there been an in­
crease compared with the former year. Taking the figures in the order presented,
London is returned for a decrease of 36 vessels, with 15,511 tonnage—the difference
between 584 vessels, with 291,741 tonnage, and 58 vessels, with 276,930 tonnage.
The decline at Liverpool is represented by 21 vessels, with 2,095 tonnage—the differ­
ence between 331 vessels, with 167,937 tonnage, and 310 vessels, with 165,842 ton­
nage. Bristol and Hull are returned for a decrease of 7 vessels, with 2,889 tonnage;
the clearances in 1850 being 13 vessels, with 6,148 tonnage, and in 1851, 6 vessels,
with 3,259 tonnnage. In connection with Clyde and the other ports, the large decrease
is shown of 158 vessels, with 57,851 tonnage—the difference between 245 vessels, with
96,667 tonnage, and 87 vessels, with 38,818 tonnage. The chief instances of decrease
have occurred in connection with departures for Mauritius, Bombay, China, Calcutta,
Madras, Ceylon, Arabia, Singapore, Penang, and New South Wales.
BRITISH COMMERCIAL STATISTICS,

The information collected by Mr. Braithwaite Poole, for his valuable work, certainly
exhibits most surprising results. Pitt and Canning stated the yearly production of
British agricultural and manufacturing pursuits at an amount equal "to the National
debt. Mr. Poole shows that the railways have cost £240,000,000 ; the canals,
£26,000,000 ; and the docks, £30,000,000. The British mercantile marine consists of
35,000 vessels, 4,300,000 tons, with 240,000 men; and one vessel is lost, on an av­
erage, every tide. Her navy consists of 585 vessels, 570,000 tons, and 48,000 men.
Yachts, 520, and 23,000 tons. The ancient Britons knew only six primitive ores, from
which metals were produced ; whereas the present scientific generation use fifty. The
aggregate yield of minerals in this country is equivalent in value to about £25,000,000
annually. The agricultural produce, of milk, meat, eggs, butter, and cheese, 3,000,000
tons, and £50,000,000. The ale, wine, and spirits consumed annually exceeds 3,300,000
tons, and £54,000,000; whilst sugar, tea, and coffee, scarcely reach 450,000 tons, and
£27,000,000. British fisheries net £6,000,000 annually. In manufactures, the cotton,
woolen, linen, and silk, altogether amount to 420,000 tons, and £95,000,000; while
hardwares exhibit 360,000 tons, and £20,000,000; in addition to which, 1,250 tons of
pins and needles are made yearly, worth £1,100,000. Earthenware, 160,000 tons,
£3,500,000; glass, 58,000 tons, £1,680,000. The G azette shows an average of four
bankrupts daily, throughout England and Wales.
PROGRESS OF COMMERCE IN BELGIUM.

The Belgian Government has just published the returns of the external Commerce
of Belgium for 1850. From these tables it appears that the Commerce of that coun­
try is steadily advancing. Taking quinquennial periods as the best criterion to judge
by, it will be found that from 1835 to 1839, the amount was 387,000,000 ; from 1840
to 1844, 500,000,000; from 1845 to 1849, 718,000,000; and in 1850,912,500,000.
This amelioration will be still more apparent, if it be considered that these 912,500,000,
which represent more than the whole Commerce of France, are effected in a State
which has a population nine times smaller than that of France. It nust, however, be
remarked, that the whole of that sum does not belong to Belgian Commerce, properly
so called; the transit and re-exportation count for 412,000,000, or nearly one-half.




Commercial Regulations.

489

COMMERCIAL REGULATIONS.
RATES OF COMMISSIONS, CHARGES, ETC., AT SAN FRANCISCO.
The following are the rates of commissions, charges, <fcc., as revised, corrected, and
adopted by the San Francisco Chamber of Commerce, December 3, 1851:—
SCHEDULE I.---- BATES OF COMMISSIONS ON BUSINESS W IT H FOREIGN COUNTRIES, AND W ITH
THE ATLANTIC STATES, W HEN NO SPECIAL ARRANGEMENT EXISTS.

Commission on the sale of merchandise, with or without guarantee.. .per cent
On purchase and shipment of merchandise, with funds in hand.......................
Do. without funds in hand...................................................................................
On goods received on consignment, and afterwards withdrawn—on invoice cost
For indorsing bills..............................................................................................
For purchase or sale of vessels..........................................................................
For purchase or sale of specie, gold dust, or bullion..........................................
For collecting.......................................................................................................
For collecting general claims...............................................................................
For entering, clearing, and transacting ships’ business on vessels with cargo
from foreign ports............................................................................................
Do. from United States ports..............................................................................
Do. on vessels in ballast...........................................................................*..........
For collecting and remitting moneys on sums over $500 ..................... per cent
For collecting and remitting delayed or litigated accounts................................
For receiving and paying or remitting moneys from which no other commision
is derived..........................................................................................................
For landing and reshipping goods from vessels in distress—on invoice value, or,
in its absence, on market value.......................................................................
For receiving, entering at the Custom-house, and forwarding goods, on invoice
amount...........................................................................................................
For effecting marine insurance, on amount insured..........................................

10
5
10
5
2A
5
1
5
5
$200
50
50
5
10
2A
5
2£
1

SCHEDULE II.— RATES OF COMMISSIONS ON BUSINESS W ITHiN THE STATE, W HERE NO SPECIAL
AGREEMENT EXISTS.

Commission on the sale of merchandise, with or without guarantee.. .per cent
Do. on purchase and shipment of goods, with funds or security in hand...........
Do. without funds or security in hand.................................................................
Do. on purchase or sale of specie, gold dust, or bullion.....................................
Do. on sales of bills of exchange with indorsement....... .................................
Do. on selling bills of exchange..........................................................................
Do. on sale or purchase of vessels......................................................................
Do. on chartering of vessels or procuring freight...............................................
Do. on procuring or collecting freight................................................................
Do. on outfits of vessels or disbursements.........................................................
Do. on collecting moneys, when no other commission is earned.........................
Do. on receiving and forwarding goods...............................................................
Do. on bills protested, or delayed and litigated accounts...................................
Brokerage...........................................................................................................

10
5
10
1.
3£
1
5
5
5
5
5
10

SCHEDULE III.---- RATES OF STORAGE ON MERCHANDISE.

Measurement goods, per month, $2| per ton of 40 cubic feet. Heavy goods, $2 per
tort of 2,240 lbs. The consignee to have the option of charging by weight or measure­
ment. A fraction of a month to be charged as a month.
SCHEDULE IV.---- CONCERNING DELIVERY OF MERCHANDISE, PAYMENT OF FREIGHT, ETC.

When no express stipulation exists, per bill of lading, goods are to be considered as
deliverable on shore.
Freight on all goods to be paid or secured to the satisfaction of the captain or con­
signee of the vessel, prior to the delivery of goods.
Goods must be received by the consignee, after notice being given of the ship’s
readiness to discharge, in ten days, when not otherwise stipulated in the bill of lading.




490

Commercial Regulations.

After the delivery to the purchaser of merchandise sold, no claims for damage, de­
ficiency, or other cause shall be admissible, unless made "within three days, and no
such claims shall be admissible after goods, sold and delivered, have once left this city.
SCHEDULE V .— CONCERNING RATE OF TARES.

To be as allowed by custom in New York.
OF THE TRANSPORT OF MERCHANDISE BETWEEN THE UNITED STATES AND
CANADA ON RAILROADS.
INSTRUCTIONS TO COLLECTORS OF CERTAIN TORTS OF ENTRY AND OTHER OFFICERS OF
THE CUSTOMS THEREAT.
T reasu ry

D epartm ent,

Jan. 8 ,1 8 5 2 .

The Department is apprised of the actual completion in some instances, and tho
probable completion in others, at no distant day, of railroad routes forming unbroken
and continuous lines of communication between certain ports of entry on the seaboard,
in the Eastern and North-Eastern sections of the United States, and ports or places in
Canada, thereby affording convenient and speedy intercommunication between the
points referred to. In consideration of the circumstances mentioned, the Department
deems it expedient to indicate the facilities that may be afforded, consistently with ex­
isting provisions of law, and to prescribe such regulations for the government of the
officers of the customs and others interested in regard to the transportation of dutiable
merchandise over any such railroad routes as may promote the facilities of trade with­
out injury to the interests of the public revenue.
The following regulations are therefore prescribed, to w it:
F irst. Where merchandise may be withdrawn from public warehouse, for transpor­
tation to Canada, over either of the railroad routes herein referred to, due entry must
be made, and the other requirements of the 21st section of the Warehouse regulations
of the 17th February, 1849, complied with, with the exception of sealing, cording and
casing of boxes, packages, <fcc.; in lieu of which suitable cars, appropriated exclusively
for conveying such merchandise, and properly designated and marked, must be pro­
vided free of expense to the United States, either by the railroad company or by pri­
vate individuals engaged in the transportation of merchandise ; said cars to be sub­
stantially constructed, having not more than two doors or openings, with suitable bars
and fastenings thereto, so as to admit of being readily secured by one or more United
States locks, to be placed thereon at the port of departure by the Inspector or other
officer of the customs who may be designated to inspect and superintend the lading
or packing of the bonded goods in the cars. The Inspector will deliver the keys to
the Collector, with his return of the lading of the goods. Keys corresponding with
these locks will be placed in the hands of the proper United States officer of the cus­
toms at the point on the frontier where exportation from the United States takes
place ; after proper examination by the last mentioned officer to see that the goods
contained in the cars are identical with those described in the transportation certificate,
and are in the same condition as when laden in the cars at the port of departure, he
will remove the United States locks, and permit the goods to proceed to their destina­
tion in Canada.
Second. Where goods may be imported into a port on the seaboard, destined for
Canada, to be conveyed to their destination immediately after being landed from the
importing vessel, warehouse and transportation entries may be combined in one, with­
out requiring the goods to be actually warehoused; but in such cases the regulations
prescribed under the first head of these instructions must be observed.
Third . Where goods may be imported into the United States from ports or places
in Canada, over the railroad routes before indicated, and intended to be re-warehoused
at ports of entry on the route, or on the seaboard, proper manifests and invoices of 511
such goods must be produced to the proper officers of the customs at the first point at,
or nearest, the boundary line of the United States, where a customhouse officer of the
United States may be stationed, and due inspection and entry made thereof. The
warehouse transportation entries to be combined in one. The regulations hereinbe­
fore prescribed, in regard to securing the goods in the cars, must be observed by the
officer of the customs on the frontiers, before whom entry may be made. Where
goods, imported as aforesaid, may be destined for any intermediate port of entry on
the route, all such goods must be kept separate and distinct from those going the
whole extent of the route, either by being placed in special cars provided for such




Commercial Regulations.

491

goods, or, if placed in the same cars with other goods, to be separated by permanent
partitions, so that no communication can take place between the different portions of
the cars.
F ou rth . Goods imported from Canada by the medium herein proposed, not accom­
panied by the owner or owners, must be consigned to some person or persons at the
port or place where they first enter the territory of the United States, and where
entry is required to be made, to make entry and bond the same, and comply with any
other requisitions of law.
F ifth . It is contemplated by these regulations that secure storage accommodations
for dutiable goods, transported over the routes indicated, shall be provided, free of
expense to the United States, by the railroad companies or transportation lines, at or
near either terminus of said roads, which stores must be constituted warehouses of
class 3, in conformity with the circular instruction of the 17th of February, 1849, and
the bond required in such cases must be duly executed by the railroad company, or
transportation line, according to form K, annexed to said circular, with such modifica­
tions of its conditions as will embrace the goods deposited in the aforesaid stores at
either terminus as well as those in tra n situ in the designated cars ; it being the inten­
tion of the Department to hold the railroad company or transportation line, as the case
may be, to the same responsibility while the goods are in tra n sit , as when in store,
or under examination in the warehouses of the company, at their depositor stations.
All dutiable goods, transported as aforesaid, must always remain, until duly discharged
from warehouse, in the custody of an officer of the customs or under the lock of the
custom house, and with that view it is proposed to appoint and qualify, as inspectors
of the customs, one or more officers of the company, acting in the capacity of conduc­
tors of the train or otherwise, whose duty may require them to accompany the cars
over the designated routes; such officers to receive no compensation from the United
States. These officers will have the custody of the goods while in transit, and will
deliver the same to the chief officer of the customs at the respective ports or places of
delivery in the United States contemplated by these regulations, and will make due
returns thereof to such officer. It is to be distinctly understood that the United States
is to be subjected to no expense attending the transit, examination, lading, or unlading
of any goods transported by the mediums referred to in these regulations.
W M . L . H O D G E , A c t in g S e cr e ta r y o f th e T r e a su ry .

OF THE IMPORTATION AND WAREHOUSING OF GOODS.
CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.
T r e a s u r y D e p a r t m e n t , F e b r u a r y 9 , 1 85 2.

The special attention of the Department has been called to the existing legal pro­
visions regulating the importation of goods, wares, and merchandise, and the ware­
housing privileges afforded by law, as also the existing regulations prescribed by the
Department on these subjects. Careful consideration has therefore been given to the
matter, which has resulted in the conviction that the instructions heretofore given, and
also the regulations prescribed for carrying the same into effect, require modification
and change to give legal operation to the terms and spirit of the respective provisions
of law applicable to the subjects referred to.
The following instructions are therefore issued for the future government of the
proper officers of the customs, and others interested:
Under the provisions of the Warehousing law of the 6th August, 1846, as modified
by the 5th section of the act 3d March, 1849, imported merchandise deposited in ware­
house under bond, may be taken out for consumption, on payment of the proper duties
and charges, at any time within one year from the date of importation, and may be with­
drawn for exportation directly from the custody of the officers of the customs, without
payment of duties, at any time within two years from the date of importation.
No merchandise can be withdrawn from the warehouse for consumption after the
expiration of one year from the date of importation; and any goods remaining in ware­
house, under bond, at the expiration of two years from the date of importation must
be sold, in pursuance of law, to realize the legal duties and charges. On payment of
the legal duties and charges, the merchandise should at once be withdrawn from ware­
house, this Department being of the opinion that officers of the customs have no legal
authority, under existing laws, to assume, even with the consent of the owners, the
custody of merchandise, on which the claims of the United States, of whatever de­
scription, have been fully discharged. Consequently any existing regulations author­
izing merchandise to remain in public warehouse after payment of the duties, are




492

Commercial Regulations.

hereby superseded, as likewise any other regulations or instructions conflicting with
the foregoing.
It is to be remarked that these instructions are not designed to interfere with the
right of withdrawing from warehouse for transportation and re-warehousing at another
port, at any time within two years from the date of importation, any merchandise
upon which the duties shall not have been paid.
It becomes proper, also, to add, that in pursuance of the provisions of the tlhihuahua
act of 3d March, 1845, and those of the act of the 3d March, 1849, creating the collec­
tion districts of Brazos de Santiago, that upon entry for withdrawal from public ware­
house of any goods, wares, or merchandise, intended for exportation to Mexico by the
routes indicated in said laws, the import duties and charges must be duly paid before
withdrawal and exportation as aforesaid.
T H O S . C O R W I N , S e c r e t a r y of t h e T r e a s u r y .
C03IMERCE TREATY BETWEEN AUSTRIA AND SARDINIA,

We publish below the most important articles of a treaty recently entered into
between Austria and Sardinia. The E c o cVItalia, from which the treaty is translated
says, “ that in the short space of a few months, through the administration of the
distinguished Count C a v o u r , Minister of Finances and Commerce, Sardinia has con­
cluded treaties of free Commerce with the following nations, viz :—France, Belgium,
England, Greece, Switzerland, Zollverein Confederacy, Holland, Austria, Chili, and
also a postal treaty with Spain.”
MUTUAL CONVENTION TO REPRESS CONTRABAND ON THE LAGO MAGGIORE AND ON THE R IV E R
TICINO AND PO, PRESENTED TO THE CHAMBER OF DEPUTIES AT THEIR MEETING OF THE

26th

1851.
1. There shall be reciprocal liberty of Commerce and navigation between the
Austrian empire and the kingdom of Sardinia. The subjects of each of the contracting
parties will reciprocally enjoy the full liberty of traveling, residing, buying, and sell­
ing throughout the full extent of the other’s territory; they will also have advantages
in matters of Commerce and industry, submitting themselves to the laws and orders
there existing; will have the same protection, rights, privileges, liberties, favors of
which the natives themselves enjoy or shall enjoy; nor shall the same be obliged under
any pretext whatsoever to pay other or higher taxes or duties than those to which the
people themselves are subject.
A r t . 2. The subjects of each of the contracting parties, who, according to the laws
of the State to which they belong, having paid the duties and taxes agreed on, have
thereby the right of frequenting fairs and markets, to purchase the requisites for their
trade and industry, or to travel throughout the country to receive orders therefrom,
taking with them sample-? or not, and will enjoy the same rights in the territory of the
other without paying duties or taxes for their industrial exercise, and without being
subject to other restrictions than those to which the inhabitants of the country, busied
in the same employment, on condition, however, that they be not allowed to carry
with them any merchandise destined or fit for sale.
A r t . 7 . Austrian vessels on arriving in ports under Sardinian dominion, and like­
wise Sardinian vessels reaching ports in the Austrian Empire, shall be received on
their arrival, during their stay and at their departure, in the same way as national
vessels, for ^everything that concerns rights of freight, pilotage, port dues, light-houses,
quarantine, docking, patents, and other charges that attend the ship’s shell, whatever
they be, whether the rights above mentioned are paid in favor of the State, the local
authorities, or any other corporation or establishment.
A rt. 12. The navigation of the Po, Ticino, and their tributaries, which are under
the Austro-Sardinian dominion, shall be free, exempt from any duty, and the necessary
rules for this purpose, as also for the observance and progress of navigation, will be
agreed on in a special convention to which the other contracting parties mutually con­
sent to sanction immediately.
A rt. 13. The two contracting parties take upon themselves to effect the union of
their respective railroads, in order that Genoa, Turin, and Milan, may be connected in a
manner that will be deemed most convenient to the welfare of both countries and to
the wants of Commerce. All details concerning the union and ways of proceeding
will be established in a special convention.
A rt. 16. The contracting parties have agreed on the following concessions and duty
reductions;—
A

NOVEMBER,

rt.




+■

Commercial Regulations.

493

1st. On Austria's part:—
1.
The entry duty for the common Piedmontese wine3 imported through one of the
Custom House offices of the Austrian frontier bordering with the Sardinian States,
which is now at the rate of Austrian livres 10, 70, the barrel, will be reduced to Aus­
trian livres 7 per barrel.
2d. The entry duty for rough rice, which is now at Austrian livres 4J the barrel,
will be reduced to Austrian livres I f.
3d. The entry duty for calves from one to two years old, which is now at Austrian
livres 6 for each calf, will be reduced to Austrian livres If.
REDUCTION OF SPANISH TONNAGE DUES,

We learn from a letter, dated Barcelona, February 8th, 1852, that the tonnage dues
of Spain on foreign ships have been considerably reduced; formerly they were 10 reals
(20 per dollar) per ton, and from the beginning of February they will only be 2 reals
per ton. A ship of 100 British tons was formerly charged about 90 Spanish dollars,
including pilot money, lights, quarantine charges, Ac.; but with this new order it will
only be about 45 Spanish dollars.
THE NEW AUSTRIAN TARIFF,

of the most important articles of the Tariff recently
of Austria.
Fl. Krs.
Fl. Krs
..
5 Hammered tin..........................
On Cotton................... per cwt.
7 30
Brass and Quicksilver...............
Cotton Yarn, unbleached........
7
7 30
10
Machines and parts of machines
“ bleached.........................
15
of iron, or iron in connection
“ colored.........................
“ Goods, common raw, un­
with other base metals. p’r c’t.
4
bleached__ .per cwt.
50
Austrian manufacturers are alMiddle fine, such as stockings..
75
lowed for two years, to iinFine printed............................. 100
port machines for their own
use, at a duty of fl. 2.30.p’r c’t.
Extra fine—muslins.................. 150
2 . . Mathematical Instruments.......
Finest, as shawls........... per lb.
15
Optical
“
.......
Leather-, India Rubber, A Gutta
15
“
.......
25 . . Musical
Percha wares, com... per cwt.
15
50
Coloring materials from 5 to 45
Middle fine...............................
.
.
krs. per cwt
Fine.........................'................ 100
2 30 Common Hides............per cwt.
Iron, raw...................................
25
2
2 30
Skins and Furs.......................
Cast Iron ware.........................
Rails and Tires.........................
3 30 Do. when partly or wholly work4
ed on the flesh side..............
Black sheet Iron.....................
10
5
Coffee......................... per cwt.
Plated with tin or zinc.............
10
4
Cocoa........................................
Steel ........................................
3 30
5 . . Tea............................................
Iron and unpolished steel wire.
15
30
Lump
sugar.............................
Do. polished..............................
7
14 . .
. . 45 Common sugar.........................
Copper, raw.............................
11
“
in sheets and w ire.. . .
7 20 Syrup or Molasses........................
5 ••
5
Pitch, Tar, Turpentine, and Rosins in general, are put in the new tariff at the mere­
ly nominal duty of from 5 to 45 kreutzers per cwt. Turpentine was 2 florins per cwt.
by the old tariff, and certain gums and rosins fl. 6.30. Rice, husked, is 45 krs. per cwt.;
with the husks on, 15 krs. By the old tariff it was 54 krs. The duty on raw Tobacco
is fl. 10 per cwt., and on manufactured fl. 25, but it cannot be introduced without
special license, and the payment of an extra duty of fl. 2 per pound on raw Tobacco,
and fl. 2f on manufactured; this is, of course, about equivalent to prohibition; by the
old tariff, the duty was fl. 15 per cwt. on raw, and fl. 40 on manufactured Tobacco,
besides the license duty of fl. 2.30 per pound.
The new tariff goes into operation on the 1st of February, 1852, and is to continue
in force till the end of October, 1854. It applies to all parts of the Austrian domin­
ions, except the free ports of Trieste and Venice, and the town of Brody, in Gallicia.
Cotton, pays during the first year a duty of fl. 1 per cwt., instead of 5 krs.; and certain




- ;:‘ A i v , - ...

494

Commercial Regulations.

goods, formerly prohibited, principally woven and worked goods, cloths, millinery, ob­
jects in precious stones, and the base metals, and furniture, pay an extra duty of 10
per cent for the same time.
In reference to the value of the Austrian florin and kreutzer, the florin is worth 48
cents, and the kreutzer, of which there are 60 in a florin, is worth, therefore, 48-60 of
a cent.
OF THE IMPORTATION OF ENGLISH NEWSPAPERS.
TREASURY CIROULAR.

U. S.

T reasu ry

D epartm ent,

March 6,1852.

S i r : —Satisfactory

information has been given to this Department that in the prac­
tice pursued at the ports of Great Britain, packages from the United States, contain­
ing o r d in a r y A m e r ic a n new spapers, not exported as merchandise, but intended for
immediate distribution, are on their arrival, delivered to the agents to whom they are
addressed, without being subjected (to the payment of duty or) to the delay conse­
quent on the formalities of entering at the Custom House.
It being considered proper in view of ,this practice, that every facility, consistent
with law, should be afforded in ports of the United States, to the prompt delivery of
newspapers of similar character coming from Great Britain, you are advised that here­
after newspapers, properly so called, such, for example, as the European Times, Lon­
don Times, London News, Dublin Nation, <tc., whether issued daily, semi-weekly, or
weekly, and if in a single sheet, in whatever manner folded, when imported for imme­
diate distribution to subscribers and not intended for sale as merchandise, are not
liable to any charge of duty, and you are therefore authorized to direct the boarding
officer at your port, after due examination of the package or packages, and there being
found therein no pamphlets, periodicals, illustrated newspapers, or any other dutiable
article, to deliver the same to the agents to whom they are directed without unneces­
sary delay. Several works or periodicals in book or pamphlet form, such as “ House­
hold Words,’' “ Examiner,” “ Athenssum,” and illustrated papers, such as “ Illustrated
News,” “ Ladies Newspaper,” “ Punch,” <tc., necessarily remain subject to the rate of
duty imposed by law, in Schedule G., of the existing Tariff act.
(Signed.)
T. CORWIN, Secretary o f the Treasury.

OF TRADE BETWEEN CANADA AND THE UNITED STATES.

The governor of Canada, through his Secretary, has furnished the Montreal Board of
Trade the following information on transit regulations of the United States:
S e c r e t a r y ’ s O f f ic e , Q u e b e c ,

4th March, 1852.

:—In answer to your letter of 28th ult., on behalf of the Montreal Board of Trade,
requesting to be informed on the subject of the regulations now in force in the United
States, on the levying of duties on goods imported through Canada—I am commanded
by the Governor General to acquaint you, that from communications received by this
government it appears that the principles which were supposed to govern the
appraisal, are applicable solely to goods imported from ports of Canada, not being
the production of the province, which may have been imported here and entered into
the common stock of this country, and are not designed to apply to any European
goods purchased in Europe in good faith by importers residing in the United States,
and brought into port therein from Canada as the transit medium of direct American
importation; the voyage being deemed continuous and unbroken from the change
from one description of vessel to another, rendered necessary from unavoidable natural
causes occurring on the route.
In these latter cases, the criterion is to be the true market value or wholesale price
of the goods in the principal markets of the country of Europe from whence they
may be exported, at the date of exportation, with all the dutiable charges added, up
to the time of placing the goods on board the vessel at the port of exportation, and
likewise a charge for commission at the usual rates, but in no case less than 2^ per
cent.
Where any goods are duly exported, with the declared intention of being transhipped
at some port in Canada, and thence conveyed to an American frontier port as their
destination—the Collector at the latter place will require satisfactory evidence of
the identity of the goods, and good faith in the exportation for the destination alleged,
S ir




495

Nautical Intelligence.

and also that 9uch goods had never become a portion of the common stock of Canada,
by any previous actual importation for consumption or traffic in this province.
I have the honor to be, sir, your most obedient servant,
A . N. MORIN, Secretary.
To Huan A llkn, E sq., President o f the Board of Trade, Montreal.

. -

-------------------------- k________________________________ _ _
NAUTICAL

IN T E L L IG E N C E .

VESSELS WRECKED AT KEY WEST IN 1851.

In the M erch a n ts’ M aga zin e for January, 1852, (vol. xxvi., pages 52-60,) we pub­
lished, under our series of “ C om m ercial C ities and Tow ns in the U n ited S tates,” a
carefully prepared description of Key West, bringing the statistics of the wrecking
business down to the close of 1850. We now give a statement of the number of ves­
sels wrecked on the Florida coast, and of those put into the port of Key West in dis­
tress, during the year ending 31st December, 1851; with the amount of salvage
awarded, the expenses and values of vessels and cargoes:—
In distress 19 vessels, wrecked 15; number wrecked and in distress, 34. Amount
of salvage awarded, $75,852; amount of salvage and expenses, $165,085; value of
vessels and cargoes, $941,500.
30 American, 1 Swedish, 1 Spanish, 2 English— 34. 6 ships, 3 barks, 14 brigs,
2 steamers, 9 schooners—34.
MAGNETIC VARIATIONS AT POINT PINOS AND SAN DIEGO.

The Superifftendent of the United States Coast Survey, in a communication to the
Secretary of the Treasury, states that “ the magnetic variations at Point Pinos and
San Diego, Coast of California, and Cape Hancock, or Disappointment, mouth of the
Columbia River, Oregon, and computed from the observations of George Davidson,
Esq., Assistant Coast Survey, are as follows:—
Station.
Var.East. Date.
No. of d’s.
Point Pinos....................................... 14° 58'
Feb. 1851
5
San Diego......................................... 12° 29'
May 1851
9
Cape Hancock, orDisappointment .
20° 45'
July 1851
6
ROCKS NEAR TIGER ISLAND.

; Lieut. M a u r y , U. S. N., under date, National Observatory, Washington, February
27, 1852, transmits to the Secretary of the Navy, the following extract from the log
of the ship George Brown, Higgins, of Baltimore, touching the loss of that ship on an
unknown reef of rocks not far from Tiger Island:
F r i d a y , August 1 5 ,1 8 5 1 .
“ Lat. at noon 60° 4 4 'S. Ion. 121° 30' E., wind S. E., moderate. At 7-J P. M.
struck on a reef of rocks lying S. E. from ‘ Tiger Island,’ about 15 miles from the
Island. The Islands were just in sight from the deck. The next day the rocks went
through her bottom, and she filled with water. By the means of several observations
taken on the preceding day, the shoal is in lat. 6° 44'S. Ion. 121° E. It had about
10 feet water on it. We left the wreck in our boats on the 17th, and landed on
the Island of ‘ Salayer,’ after a seven days’ passage.”
VESSELS TOUCHING AT ELSINEUR,

It will be interesting to shipmasters trading to the Baltic, to know that by a recent
decision of the Department of State, the masters of vessels touching at Elsineur,
solely and exclusively for the purpose of paying the Sound dues, and transacting no
other business, are not required to deposit their ship’s papers at the American Con­
sulate at that port, either on entering or passing out of the Baltic.




496

Nautical Intelligence.
LIGHT-NOUSE ON THE ISLAND OF CURACAO.

The following notice to mariners, dated “ Colonial Secretary’s Office, Curacao, Nov.
21, 1851,” bears the signature of J. Rammelman Elsevir, Jr.
The Governor of Curacao and its dependencies, hereby gives notice to the shipping,
that from and after the 20th of November, a light house having been erected on the
island of Little Curacao, will show a red light from sunset to sunrise. The light is
twenty Netherland ells and four palms above the level of the sea, in Ion. 68° 44' W.
of Greenwich, and lat. 11° 58' N. It can be plainly seen from the deck of an ordinary
vessel at the distance of 2£ nautical miles, of fifteen miles to the degree.
Having the light at this distance bearing W. by S., the light of Bonaire can be ob­
served at the same time, bearing E. by S., 'when at an elevation of six ells above the
level of the sea.
The above light, which indicates the d a n g e r o u s island of Little Curacao, will at the
same time show the bearing of Punt Canon—the low east corner of Curacao, 'which
point, bearing W. N, W., at a distance of one nautical mile from the light, is not less
dangerous.
CARYSFORT REEF LIGHT-HOUSE.

We published in the M erchants' M a g a zin e for March, 1852, a description of this
new Iron Light-House. We now give an official notice for the benefit of mariners :—
O f f ic e
•

of

th e

Carysfort

K ey W est,

R e e f L ig h t -H o u s e ,

Feb. 14th,

J852.

\
)

Notice is hereby given, that on and after the 10th of March proximo, a fixed light of
18 21-inch reflectors will be exhibited on the structure recently erected on the Carys­
fort Reef, Gulf of Florida. The light is elevated 10G feet above the water, and will
be visible in clear weather from a deck twelve feet high, at the distance of eighteen
statute miles. The structure can be approached from the eastward within a quarter
of a mile, being erected on the most seaward bank or reef, distant about four miles
from the light ship, as laid down upon the charts, and bearing from i{ E. N. E. (mag­
netic.
GEO. G. MEADE, Lieut. Top. Engineers.
NEW REGULATION AT THE PORT OF LEGHORN.
L e g h o r n , .la n u a r y 3 0 , 1 8 5 2 .

A circular, dated 23d January, has been addressed by the Tuscan government to
the consular body resident in this place, informing them that, agreeably to the 37th
article of the law of the 18th of July, 1851, vessels of less than eighty tons burden,
having on board parcels of tobacco, manufactured or otherwise, are absolutely prohib­
ited anchoring off the coast, even at Leghorn, unless legally proved to have been com­
pelled to do so by stress of weather.
The necessary orders have therefore been given at the office of the port of Leghorn,
in order that vessels of less than eighty tons burden, with tobacco on board, shall not
be admitted to pratique, and they shall, as required by the 39th article of the above
cited law, except only in cases of absolute necessity, be immediately -warned off.
WM. MACBE AN & CO., Agents to Lloyd’s.

BARNARD SAND, COAST OF NORFOLK.

The south part of the Barnard Sand having grown up in an easterly direction, the
S. W. Barnard Buoy (Red) has been moved about half a cable’s length E. half N.
from its former position, and now lies in six fathoms at loy£ water spring tides, with
the following marks and compass bearings, viz.:—
A windmill, its width open to the northward of Covehithe W ood.. . .
W.N. W.
Lowestoft Church, touching the E. side of a black tower mill at Kirkley, N. by E. £ E.
North Barnard Buoy............................................................................... N. by E. £ E.
South Inner Barnard B u oy...................................i ..............................
W. S. W.
DOLPHIN ROCK, IN THE JAVA SEA.

Captain Ropes, of the bark Fenelon, from Shanghae, reports seeing Dolphin Rock,
in the Java Sea. He describes it as being a coral rock, about the size of a snip’s beam
in diameter, being about one fathom below the surface of the water. It bears Knob
Hill (Sumatra) W est; the Brothers’ Islands, N. E.—varying seven miles from the
position given on Horsburg’s Chart of the Java Sea.




Railroad, Canal, and Steamboat Statistics.

487

HOLYHEAD NEW HARBOR WORKS.

Some idea of the vastness of the operations now being carried on may he gathered
from the fact that nearly six million tons of material will be required to form the
breakwater and sea-pier; and of this quantity about five-and-a-half million tons have
been deposited to form the fore-shore of the breakwater; this latter will be six hun­
dred feet in width at the base, and the proper settlement of the material thus deposit­
ed is ascertained by the engineer-in-chief and his staff. The fore-shore will extend
twenty-six hundred feet to the seaward. The breakwater will inclose an area of
three hundred and sixteen acres, three-quarters of a mile in length, in five-and-a-half
fathoms of water, with a sea-pier two thousand feet in length, and the cost of the
whole will be about seven hundred thousand pounds.

RAILROAD , CANAL, AND STEAMBOAT STATISTICS.
TH E

R A I L W A ’Y CAR.**

B Y C H A R L K S P . S IIIR A S .

No more we sing as they sang o f old,
To the tones o f the lute and lyre,
For l o ! we live in an Iron Age—
In the age o f Steam and Fire I
The world is too busy for dreaming,
And hath grown too wise for W ar;
So, to-day, for the glory of Science,
Let us sing of the Railway Car!

And wo to all who uphold the wrong—
Love darkness rather than light—r
For Science hath opened a broad highway
For Knowledge and Truth and Right.
And he sends forth his Car to gather
The people of many lands,
Until the uttermost nations
Are grasping each other’s hands!

The golden chariots of ancient kings
Would dazzle the wondering eye,
And the heads of a million slaves might bow
As the glittering toy rolled b y ;
But this is the C a r o f the P eop le,
A nd before it shall bow all kings—
Be they warned when they hear the shrieking
Of the dragon with iron wings!

And thus, when the people as one are joined,
And each to his fellow is known,
Invention, and Art, and Skill shall work
At the bidding o f Science alone.
And who can tell o f the greatness
The world may hope for then !
For the Faith that moveth mountains
Hath entered the souls o f m en!

The blood-stained Car of the Juggernaut,
Oe’r millions o f necks hath rolled,
And its priests have cried, ‘ Such a triumph as ours,
The world shall never behold!’
But wo ! when this harnessed Dragon,
Comes vomiting smoke and fire,
For the Priests, with their Car and Idols,
Shall perish beneath his ire!

Then sing no more, as they sang o f old,
To the tones of the lute and lyre,
But sound the praise o f the Iron Age—
Of the age of Steam and Fire.
And sing to the glory o f Science—
Exult in the downfall o f War—
And shout for the fiery Dragon,
As he flies with the Railway Car

OPERATIONS OF THE RAILWAYS OF MASSACHUSETTS, 1851.
COMPILED FOR THE MERCHANTS’ MAGAZINE FROM

THE

ANNUAL REPORTS TO THE LEGIS­

LATURE, BY DAVID M. BALFOUR.

In the following tables, “ Interest,” and “ Amount paid other Companies,” in tolls
for passengers and freight, are not considered running expenses, and are, therefore,
deducted from the total of expenses. And the amount paid other companies “ in
toUs,” tfcc., and the amount received for “ Interest,” are deducted from the total receipts.
The returns from the Providence and Worcester, the Boston and Providence, the Nor­
folk County, the Stoughton Branch, the Nashua and Lowed, the Fitchburg, the Ver­
mont and Massachusetts, the Harvard Branch, and the Newburyport Railways, exhibit
the operations of those companies for eleven months, ending November 30th, 1851.
In the returns from the New Bedford and Taunton, and the Cape Cod Branch Rail­
ways, the operations of the month of December, 1850, are included.
VOL. XVIII.---- NO. IV .




32

Names o f Railways.
W o r c e s t e r ...................

24
43
46

1

2

X

__

F a l l R i v e r ....................................................................
C a p e C o d B r a n c h . . ..............................................
G r a n d J u n c t i o n ......................................................

Total............................................................

12

1
1

4

2

1
l

i
38
17
2

1
9

ii
69

8

1

1
45
1
65
5

7
26

1

17
3

8

16

i

2

15
3

11
6

5

4 4 8 ,7 0 0
4 1 ,5 1 6
3 ,4 6 9 ,5 9 9
3 0 7 ,1 3 6
5 1 0 ,2 6 3
1 ,2 1 3 ,4 5 2
9 3 ,4 3 3
1 ,9 4 5 ,6 4 7
6 5 1 ,2 1 5
3 4 3 ,4 6 7
3 4 4 ,2 2 1
2 6 5 ,7 6 2
4 ,0 9 0 ,4 5 2
2 9 3 ,7 6 0
3 ,6 1 2 ,4 8 7
3 ,4 5 0 ,0 0 5
2 5 ,7 0 1
240^368
2 6 4 ,1 1 5
3 ,6 3 2 ,3 4 0
6 0 2 ,1 3 6
2 0 0 ,0 0 9
2 ,2 9 3 '5 3 5
1 2 9 ,3 9 0
4 2 7 ,6 8 9
1,050^000
6 3 3 ,6 7 7
9 1 9 ,3 9 7

rents, &c.

$ 4 0 3 ,3 6 3
6 0 3 ,2 0 7
1 1 7 ,0 4 3
8 5 ,2 0 8
1 6 ,0 8 7
1 1 1 ,8 6 1
1 7 ,1 3 2

$ 3 1 8 ,9 3 3
7 1 4 ,3 6 3
8 2 ,1 2 3
6 2 ,4 4 3
1 1 ,8 6 3
7 6 ,5 7 9
1 9 ,4 8 2

2 3 6 ,7 3 0
4 2 ,8 4 3
6 8 ,2 1 7
2 6 ,7 9 2
5 ,8 7 7
174 ,2 4 1
4 7 ,3 6 3
2 6 ,6 4 o
1 4 ,1 3 8

1 3 3 ,4 2 2
2 7 .9 4 1
3 3 ,5 5 3
1 6,921
4 ,3 5 8
2 2 6 .0 5 4
6 0 .5 5 4
6 .3 1 0
2 2 .5 0 2

4 0 8 .8 1 5
2 8 ,8 3 8
2 4 0 ,7 1 3
7 3 ,8 8 1
5 ,8 5 3

1 9 2 ,5 7 5
9 ,6 8 9
2 5 9 ,2 5 9
8 6 ,0 9 0

2 9 ,1 8 4
3 ,7 0 8
1 6,040
2 0 ,6 4 7

3 7 2 ,1 6 8
2 4 ,6 4 9

6 0 ,0 0 5
1 5,311

6 9 ,8 8 2

2 0 3 ,5 9 9

10 0 ,5 0 7

6 ,1 7 7

1 3 3 ,3 9 3
3 6 ,4 7 2

9 1 ,0 9 5
1 8 .5 3 3

7 ,8 3 4
1 ,7 3 2

$ 2 1 ,6 2 7
3 6 ,3 2 4
3 ,7 2 4
6,1 4 1
1 ,4 0 5
1 1 ,4 5 5
9 00

Total.
$ 7 4 3 ,9 2 3
1 ,3 5 3 ,8 9 4
2 0 2 ,8 9 0
1 5 3 ,7 9 2
2 9 .3 5 5
1 9 9 ,8 9 5
3 7 ,5 1 4

-E X P E N S E S

Of
road bed.

power.

$ 6 6 ,9 3 5
12 2 .7 1 9
1 5 ,7 7 7
1 0 ,2 1 7
2 ,8 0 7
2 1 ,1 9 4
4 ,4 9 9

$ 7 5 ,6 9 4
10 7 ,0 2 0
1 0,179
1 1 ,6 4 4
1,2 3 8
2 3 ,1 4 5
1,6 4 6

laneous.
$ 2 5 1 ,0 5 8
3 6 8 ,0 1 7
6 1 ,0 0 3
5 5 ,1 0 0
1 0 ,2 6 3
5 7 ,8 4 6
9 ,8 6 7

Total.

$ 3 5 0 ,2 3 6
7 5 6 ,1 3 8
1 1 5 .9 3 1
7 6 ,8 3 1
1 5 ,0 4 7
9 7 ,7 1 0
2 1 ,5 0 2

1 7 7 ,7 1 5
4 5 ,9 7 0
5 8 ,6 2 2
2 2 ,9 4 5
4 ,2 7 9
2 6 7 ,0 3 6
5 5 ,4 4 5
1 8 ,2 7 8
2 7 ,5 3 8

1 9 9 ,6 8 2
2 7 ,0 0 1
5 3 ,3 7 1
2 2 ,2 2 6
5 ,9 5 6
1 4 2 ,1 1 7
6 0 ,8 5 0
1 8 ,0 3 3
9 ,1 0 2
1 6 .2 3 6
3 2 5 ,5 0 6
1 2 ,4 1 3
2 1 0 ,9 0 5
8 0 ,4 7 7

3 1 ,4 0 9
1 ,7 6 3
7 ,2 4 5
2 ,1 8 7
1 0 ,2 2 3
1 ,4 5 8
8 ,8 5 0
8 ,3 7 8
3 ,3 5 6

3 7 7 ,3 9 7
7 2 ,9 7 1
11 1 ,9 9 3
4 5 ,1 7 1
1 0 ,2 3 5
4 0 9 ,1 5 3
1 1 6 ,2 9 5
3 6 ,3 1 1
3 6 .6 4 0
1 6 ,2 3 6
6 3 0 ,5 7 4
4 2 ,2 3 5
5 1 6 .0 1 2
1 8 0 ,6 1 8
5 ,8 5 3
7 '4 8 0
1 5 ,8 4 7
5 0 2 ,0 5 5
3 9 ,9 6 0
7 ,1 1 2
3 1 0 ,2 8 3
7 .5 3 0
1 5 ,3 1 8
2 3 2 ,3 2 2
5 6 ,7 3 7
803

Met income. on cost.

$ 3 9 3 ,6 8 7
5 9 7 ,7 5 6
8 6 ,9 5 9
7 6 ,9 6 1
1 4 ,3 0 8
1 0 2 ,1 8 5
1 6 ,0 1 2
560

$7
7
6
5
4
5
4

20
60
37
87
93
42
85

5
8
10
1
6
7
9
5
2

76
79
46
83
37
30
37
25
65

7
4
5
2

96
22
84
33

3 1 ,4 0 9
4 2 ,4 5 2
9 ,1 0 2 )
1 1,771

2 1 ,9 6 6
9,1 7 1
1 2 ,6 6 7
5 ,8 6 0

5 2 ,5 3 8
8 ,4 5 5
3 ,0 7 9

5 3 ,9 1 6
8,1 8 1
2 ,6 7 5
1 8 ,9 3 4

21
1 1 3 ,2 9 7
2 7 ,6 9 7
3 4 ,1 8 4
1 7 ,0 8 5
4 ,2 7 9
1 6 0 ,5 8 2
3 8 ,8 0 9
1 2 ,5 2 4
8 ,6 0 4

8 6 ,7 8 1
4 ,5 1 8
5 0 ,7 6 6
2 1 ,2 3 0

3 6 ,3 3 5
6 ,4 6 1
6 0 ,1 7 8
1 1 ,9 3 7

1 8 1 .9 5 2
1 8 ,8 4 3
1 9 4 ,1 6 3
6 6 ,9 7 4

3 5 ,2 9 6
4 ,8 7 9

2 9 ,7 7 7
2 7 ,5 6 0

8 ,0 2 9
1 3 0 ,3 2 6
761

3 7 ,2 8 4

2 3 ,4 8 7

153,891

3 2 ,2 1 8
7 ,5 5 4
595

2 7 ,2 5 9
4 ,4 3 0

7 2 ,6 3 6
1 9 ,0 1 4
6 ,5 8 6

3 0 5 ,0 6 8
2 9 ,8 2 2
3 0 5 .1 0 7
1 0 0 ,1 4 1
6 .8 3 1
'4 0 0
8 .0 2 9
1 9 5 ,3 9 9
3 3 ,2 0 0
3 ,6 3 5
2 1 4 ,6 6 2
42
1 3 2 ,1 1 3
3 0 ,9 9 8
7 ,1 8 1

7 .0 8 0
7 ,8 1 8
3 0 6 ,6 5 6
6 ,7 6 0
3 ,4 7 7
9 5 '6 2 1
7 ,4 8 8
1 5 ,3 1 8
1 0 0 ,2 0 9
2 5 ,7 3 9

6 11

2 95
2 96
8 44

1 12

1
4
5
3
9
4

74
17
79
58
55
06

1,044 106 384 $52,595,288 $3,525,128 $2,650,465 $280,248 $6,599,576 $652,666 $591,360 $2,083,411 $3,338,905 $3,260,671 av6 20

* Including the Albany and W . Stockbridge Railway,
(N. Y.) 38 1-4 miles, which is owned and operated
by the Western Railway Corporation.
+ Operated by the Housatonic Railway Company.




23

Cost.

$ 4 ,8 6 2 ,7 4 8
9 ,9 5 3 ,7 5 9
1 ,8 2 0 ,0 6 5
1 ,3 0 9 ,5 6 4
3 0 5 ,4 1 0
1 ,8 0 1 ,5 9 2
4 4 3 ,6 7 8

----------V

X Operated by the Housatonic Railway Company.
I Operated by the Berkshire Railvvay Company.
§ Operated by the Providence Railway Company:
•[ Operated by the Nashua and Lowell Railway Co.

*

** Interest received ($2,521) deducted from receipts,
f t Operated by the Fitchburg Railway Company.
XX Operated by the Fitchburg Railway Company.

Railroad , Canal, and Steamboat Statistics.

P r o v i d e n c e a n d W o r c e s t e r ................................
W o r c e s t e r a n d N a s h u a ........................................
F i t c h b u r g a n d W o r c e s t e r ..................................
C o n n e c t i c u t R i v e r ...................................................
P it t s f ie l d a n d N o r t h A d a m s .............................
B e r k s h i r e f ....................................
S t o c k b r i d g e a n d P it t s f ie l d .............................
W e s t S t o c k b r id g e J ...................................................
P r o v i d e n c e ......................
T a u n t o n B r a n c h ............ , ........................
N e w B e d f o r d ......................................
N o r f o l k C o u n t y ........................................................
S t o u g h t o n B r a n c h g ...............................................
L o w e l l ..............................................
N a s h u a ..................................
L a w r e n c e ...................
S a le m a n d L o w e l l ......................
S t o n y B r o o k ® ................................
B o s t o n a n d M a in e * * ...........................................
S o u t h R e a d i n g B r a n c h ......................................
F i t c h b u r g ......................................
\ e r m o n t a n d M a s s a c h u s e t t s ..........................
H a r v a r d B r a n c h f f ..............................................
____
L e x in g t o n a n d W e s t C a m b r id g e
..........
P e t e r b o r o ’ a n d S h i r l e y .....................................
E a s t e r n .......................................................
E s s e x .........................................................
N e w b u r y p o r t ..................................
____
O l d C o l o n y ...........................................
____

58
62
13
6

--------- RECE P T 9 -------- y
From
From
merchandise,
Passengers. gravel, &c.

498

L E N G T H IN M ILE s
Double
Of
O f track
main br cli- and
roads. es. sidings.

1

,----- NUMBER OF MILES RUN.------,
Names ol Railways.

By freight
By passe n* and gravel By other
ger trains.
trains.
trains.

South Shoreg...............................
Fall River..............................................
Cape Cod B ranch....................... .........
Grand Junction...........................
Total


http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
l

86,767
34,606

52,864
18,003

14,075
44,360
2,154
2,710
8,072
2,104
953
2,640
2,793
1,090
1,316
18,105
2,725

33,131
3,240
6,520
8,475

Total
Total
Net
receipts expenses income Passengers Passengers
per mile per mile per mile carried in
carried
run.
the cars.
run.
run.
one mile.

Tons ol
mrchndse
carried in
the cars.

466,523 SI 60 SO 85 SO 75 1,100,720 20,236,684
774,609 1 75 0 77 0 98 479.905 22,582,614
132,724 1 53 0 66 0 87 356,943 4,878,260
127,789 1 20 0 60 0 GO 186,301 2,809,001
542,921
32,142 0 91 0 44 0 47
52.548
156,435 1 28 0 65 0 63 263,706 3,676,863
36,538
576,812
25,412 1 48 0 G3 0 85
48,134
56,128
866,976
37,070
23,475
258,225
4,693
9,176
7,819
252,927 1 49 0 70 0 79 611,020 9,261,282
28,040 2 60 1 64 0 96 126,400 1,346,821
48,832 2 29 1 20 1 09 123,602 2,087,961
63,374 0 71 0 36 0 35
58,802 1,245,975

242,789 9,051,119 14,912,790
250,766 23,304,050 20,342,960 42,160,500
49,812 1,252,033 3,000,000 5,150,000 9,402,033
73,901 2,111,960 2,470,964 3,033,111
7,616,035
17,371
226,833
295,688
365,261
887,785
64,215 1,557,408 4,450,280 2,869,830 8,897,518
19,454
301,055
485,000
1,256,800 2,042,855
20,855
344.102
269,568
344,102
957,772
7,085
113,360
117,375
106,987
337,722
2,617
5,176
23,456
29,786
58,418
121,320 2,554,170 11,500,000
8,500,000 22,554,170
43,093
446,937
996,212
993,782 2,436,931
38,685
550,553 1,750,840
982.900 3,284,293
22,367
551,531
464,329
864,927
1,880,787

250,558
64,643
32,125
40,444

1
1
1
0

63
80
13
91

1
0
0
0

06
86
57
68

0
0
0
0

57
94
56
23

249,468
128,136
17,640
25,538

461,856
48,305
371,899
127,972

1
0
1
1

37
87
39
41

0
0
0
0

66
62
82
78

0
0
0
0

71 1,449,421 23,513,081
25 180,585 1,369,544
57 1,261,159 14,204,109
63 138,381 2,504,593

23,508

0
0
0
0

61
66
36
95

0
0
0
0

993,256 10,654,945
764,495
90,726
119,550
15,445
630,589 9,161,762

61,952
17,667
1,622
88,342

1,468,484 3,623,616
317,562
541,630
14,061
114,278
1,352,910 3,888,179

2,806,133
553,473
8,246
1,996,350

7,898,232
1,412,665
136,585
7,237,439

5,735,415
1,363,179

74,999
32,868

2,079,599
285,372

3,858,288
400,COO

9,272,899
1,485,372

44.576
3,160

318,900
50,473
10,206
225,851

1
0
0
1

868

140,499
52,809

1 65
1 07

57
79
70
37

0 94
0 58

96
13
34
42

0 71
0 49

569,784
223,888
88,288
31,260

285,756
71,539

1,066,926
423,453

6,140,947 6,069.773
1,537,632 1,264,832
160,368
411,190
539,053
198,617
4,632,473 8,347,080
199,583
535,400
7,345,035 8,251,920
1,761,944
305,760

3,335,012
800,000

6,593,719
1,386,472
234,750
723,456

18,804,439
4,188,936
806,308
1,461,126

Railroad, Canal, and

Worcester...................................... . . . .
285,546 166,902
W estern......................................... . . . .
270,926 459.323
Providence and W orcester......... . . . .
29.340
101,230
Worcester and Nashua.................____
87,753
37,326
Fitchburg and W orcester...........
25,836
6,306
Connecticut R iv e r........................-----113,115
35,248
Pitisfield and North Adams.........
16,826
6,482
Berkshire......................................
22,812
24,309
Stock bridge and Pittsfied.............
20,658
13,772
588
West Stock bridge..........................
4,438
Providence.................................... . . . .
184,180
68,747
Taunton Branch........................... . . . .
19,602
7,348
New Bedford................................. . . . .
34,388
13,128
Norfolk County............................. . . . .
48,502
14,872
Stoughton Branch .
Lowell......................................................
162,120 70,333
Nashua.....................................................
35,432 26,48G
Lawrence ...................................
31,600
Salem ami L o w e ll..........................
32,724
7,720
Stony Brook...........................................................
Boston and M aine.............
340,863
87,862
South Reading Branch............................
38,545 6,520
Fitchburg..............................................
244,627 120,752
Vermont and Massachusetts...................
78,721 40,776
Harvard Branch....................................................
Lexington and West Cambridge,
Peterboro’ and Shirley*..............
34,330
Easternf......................................
41,816
5,497
Essex.......................................... ..........
Newbury port:}:.............................
157,061
Old Colony................................. ..........
68,790

Total.

8,033,223 21,012,776
129,376
864,359
11,652,056 27,249,011
655,200 2,722,904

2,760,888 1,424,209 203,067 4,398,370 avl 50 avO 76 avO 74 9,510,858 152,916,183 2,260,346 70,205,310 98,766,749 118,695,509 287,667,568
* Operated by the Fitchburg Railway Company,
t Including Eastern (N. H.) Railways, 17 miles, which
is operated by Eastern (Mass.) Railway.

Operated to Bradford September 23, 1851.
| Operated by Old Colony Railway Company.
§ Operated by Old Colony Railway Company.

%

^
c©

500

Railroad, Canal, and Steamboat Statistics.
RATES OF TOLLS ON THE CANALS OF NEW YORK.

The Canal Board of the State of New York, hare adopted the following rates of toll
for the season of 1852.
TOLLS FEE

1,000

POUNDS P E E MILE IS CHANGED.

From.
cts. id. fr.

On butter, tallow, beer, cider, and vinegar...........................
On salted pork, bacon, lard, and lard-oil...............................
On grease................................................................................
On bloom iron (“ going towards tide-water,” struck out,)___
On gas pipes and water pipes...............................................
On pot and pearl ashes and window glass (“ manufactured in
this State,” struck out,)......................................................
On pig copper.........................................................................
On broken casting, scrap and pig iron...................................
On barilla and bleaching powders, (not enumerated hereto­
fore,) ...................................................................................
On stoves, (“ cast ” erased,) iron car wheels, (“ and car axles ”
added,) bed plates for steam engines, plough castings, and
all other iron castings except machines and parts thereof.
On stove pipe and furniture for stoves, not cast iron, (“ going
from tide-water,” struck ou t).............................................
On timber, squared and round, if carried in rafts, if cleared
“ between the 15th of June and 15th of August,” changed
to “ after the 1st of June, and arriving at tide-water before
the 15th of August.” ..........................................................
On white pine, white wood, bass wood and cedar................
On boards, plank, scantling and sawed timber reduced to
inch measure, all kinds of red cedar, cedar posts, all sidiD g , lath, or other sawed stuff less than one inch thick, car­
ried in boats, per 1,000 feet per mile, when not weighed.
On ship knees.........................................................................
On shingles carried in boats..................................................
On cotton................................................................................
On rags and junk....................................................................
On manufactured tobacco, going towards tide-water............
On rye, peas, and beans.........................................................
On flour starting and going from tide-water.........................
On iron in sheets, steel,5horseshoes, crockery, and glassware,
and tin in sheets and boxes, going from tide-water..........
On rosin, tar, pitch, turpentine, oil, manufactured tobacco,
anchors, chain-cables and oakum, going from tide-water...
On all other merchandise......................................................
On railroad iron......................................................................
On railroad chairs (not enumerated before).........................
On all articles not enumerated or excepted, passing from
tide-water...........................................................................

To.
cts. m. fr.

0
0
0
0
0

4
3
4
3
4

0
0
O
0
0

0
0
0
0
0

3
1
1
2
2

O
0

4
3

0
0

0 2 0
0 2 0
0 4

0
5
5
0
0

0

0 4

0

0

3 0

0 8

0

0

6 0

0

1

8

0 5 0
0 2 0
0 1 8
0 2 0
0 4 0
0 4 0
0 4 0
0 3 0
0

5

0

0 8 0
0 8 0
0 2 5
0

8

0

0

1 5

0 4
0 1
0 1
0 1
0 3
0 1
0 3
0 1

0
0
5
0
0
0
0
0

0 4 0
0
0
0
0

4
4
1
J.

0
0
5
5

0 4 0

THE PROPOSED HUDSON RIVER TUNNEL.

A diagram and description of the proposed tunnel under the Hudson River at
Albany, made by R. H ig h a m , civil engineer, has been published in the A lb a n y A rg u s.
The tunnel it appears is to commence at Quackenbush-street and descend southerly
with an open cut as far as Oolumbia-street, with a grade of 150 feet to the mile. At
the latter street it will enter the earth, and passing under lands belonging to the Al­
bany and Schenectady Railroad, will curve to the right and enter under the river near
the foot of Steuben-street, the street on the south side of the Delavan House. Thence it
passes under the basin and river, crossing Green Island with an open cut and emerging
at the buildings of the Boston and Hudson River Railroads on the east side of the
river. The tunnel is to be of brick, 27- inches thick; the form, two circles connected
together by a range of cast iron pillars, extending through the centre of the tunnel.
There is"to be a double railway track, sidewalks, a chimney of 150 feet on the pier
for -ventilation, a lateral tunnel opening on Broadway between Maiden Lane and Steu­




Railroad, Canal, and Steamboat Statistics.

fiO l

ben streets, <fcc.: the whole work estimated to cost $511,*720. It is to be built part of
the way by means of coffer-dams, but under the channel of the river by dredging out
a place and then sinking iron tubes, temporarily closed at the ends, within which the
workman are to build the arch, the materials being passed down through perpendic­
ular pipes. Then the connections of the tubes are to be made water tight, the ends
removed, and the arches joined.
POSTAGE BY OCEAN STEAMERS,

F. W. Farrelly, Auditor of the Treasury for the Post-Office Department, has fur­
nished the subjoined statement of the amount of postage on letters and papers received
and sent by ocean steamers, during the year which ended SOth June, 1851, and also
during the quarter ending on 30th September, 1851, for—
Cunard line, for the year.......................................................................
“
“
“
quarter...................................................................

$536,031 61
132,890 11

Total Cunard...............................................................................
Deduct British portion.................................................................

$668,921 18
529,561 83

United States postage.....................................................
Collins line, for the year........................................................................
“
“
“
quarter...................................................................

$139,359 95
$205,841 11
50,542 48

Total Collins................................................................................
Deduct British portion................................................................

$256,384 19
32,048 01

United States postage.....................................................
Bremen line for the year........................................................................
“
“
“
quarter..................................................................

$224,336 18
$94,598 03
30,131 60

Total Bremen...............................................................................
Deduct Bremen portion...............................................................

$124,129 63
15,591 18

United States postage.....................................................
Havre line, for nine months...................................................................
“
“ for the quarter.....................................................................

$109,138 45
$38,110 14
22,664 80

Total Havre.................................................................................
Deduct foreign portion...............................................................

$60,115 54
1,596 93

United States postage....................................................
New York and California, year..............................................................
“
“
quarter.........................................................

$53,118 61
$529,341 04
60,860 01

Charleston and Havana, year.. . . ,
“
“
quarter..

$590,201 11
$12,062 51
3,500 00
$15,562 51

RECAPITULATION OF THE UNITED STATES POSTAGE.

Cunard line.......................................................................
Collins line.......................................................................
Bremen line..............................................
Havre line.......................................................................
New York and Californi.................................................
Charleston and Havana.........................

$139,359
224,336
109,138
53,118
590,201
15,562

95
18
45
61
11
51

$1,131,176 87
The total amount of United States postages during the fifteen months comprised in
this statement is, it will be seen, $1,131,776 87; or assuming the different quarters to
have been equal, $905,421 48 and a fraction, for twelve months.




502

Railroad, Canal, and Steamboat Statistics.
CANALS AND OTHER PUBLIC WORKS OF OHIO.

The annual report of the Board of Public Works of Ohio, has been published. In
the absence of a copy of the official document, -which has usually been furnished for
our use by a correspondent of the M erchants' M aga zin e , we adopt the carefully con­
densed summary of the C in cin n a ti A t l a s :
The amount collected on the canals for the last five years, excluding fractions, sums
up as follows:—
1847, Gross sum collected on all the Canals,......................... $805,019
1848,
“
“
“
“
785,882
1849,
“
“
“
“
739,377
1850,
“
“
“
“
759,852
1851,
“
“
“
......................... 856,352
The greatest amount of tolls collected in any one year previous to 1847, was
$612,302. The excess of collections in 1851, over any preceding year, is more than
$50,000, and that, too, at a lower scale of tolls than ever before prevailed.
On the O hio C anal but little increase is shown, while on the southern end of the
Miami Canal, business has steadily increased, notwithstanding the railway and other
competition. The tolls collected last year were:—
On the Ohio Canal................................................................... $436,009
Amount paid for repairs........................................................... 128,218
Net receipts....................................................................... $307,791
The number of Superintendents on this canal have been reduced from sixteen to
thirteen.
On the M ia m i a n d E r ie C anal the receipts were:—
For 1850,.....................................................................................$315,162
* 1851..................................................................................... 357,095
Increase........................................................................
$41,933
Paid in 1851, for repairs, superintendence, &c ............................$169,986
On the

M u sk in g u m Im provem en t,

the receipts were:—

In 1851.......................................................................................... $48,418
In 1850..........
39,925
Increase............................................................................... $11,407
Paid for repairs in 1851 .............................................................. 13,361
In 1850 the repairs cost............................................................. 39,935
The receipts for 1851 amounted to 21 per cent on the cost of tnis work.
Business on the H o ck in g C anal has increased, having nearly doubled in two years.
The receipts for 1851, were................................................. $11,814,87
“
1850,
“
8,078,64
Expenditures for 1851, “ ...................................................
7,991,18
“
1850,
“
11,819,06
W alhonding C anal.—A serious breach in this canal in May last, affeeted very
seriously the revenue anticipated from this work.

The receipts for 1851, were..................
“
1850,
“
Payments for 1851,
“
“
1850,
“

$2,615,42
2,055,09
4,251,62
1,966,61

W estern R eserve and M aumee R oad.— The receipts on this road -were $12,745’
being an increase of $1,177,01. It is suggested that the excess of tolls over expendi'
tures on this road be expended in extending the road to the Miami and Erie Canal’
which would add much to its usefulness.
N ational R oad.— The total receipts of this road for 1851 were $38,577 11, the
amount in 1850 was $42,636 08, showing a decrease of $4,058 97.




#

Railroad, Canal, and Steamboat Statistics.

503

OHIO AND PENNSYLVANIA RAILROAD.
F R E IG H T T A R I F F

A D O P T E D B Y TI1E B O A R D

OF

D IR E C T O R S , J A N U A R Y ,

1852.

The company will not undertake to transport freight beyond the capacity of
the engines and cars which it may have for that purpose. No car is to carry more
than 12,000 pounds, or six tons, which is to be considered a car load. No freight train
is to wait to load freight, if that will cause it be behind time so as to delay any other
train.
Freight is divided into three classes :—Flour in barrels, live stock, and miscellaneous
freight. The lowest charge on a barrel of flour will be ten cents, and per car load of
60 barrels, $6; except for distances under ten miles, for which it will be $5. The
lowest charge on miscellaneous freight for any distance, however short, will be one
Flour per
barrel.
To Pittsburg.

C ents.

From Rochester...............
New Brighton........
Darlington.............
Enon.......................
Palestine.................
Bull Creek.............
Columbiana.............
Franklin...................
Salem.....................
Stanley....................
Alliance.................
Louisville.................
Canton....................
Massillon.................

10
12
16
18
20
22
23
24
25
26
27
30
33
35

Flour per
car load.

Live stock per Mis. freight. Mis. fr’t
car load.
per 1U0 lbs. p’r c’ r I’d.

D o lla r s .

6
6
9
9
10
10
11
11
12
13
15
18
19
20

00
00
00
50
00
50
00
50
00
00
00
00
00
00

D o lla r s .

C en ts.

7
8
10
12
14
15
16
17
18
19
20
22
24
25

6
7
9
11
12
13
14
15
16
18
20
23
25
26

00
00
00
00
00
00
00
00
00
00
00
00
00
00

D o lla r s .

7
7
10
12
14
15
16
17
18
20
22
26
27
28

00
00
00
00
00
00
00
00
00
00
00
00
00
00

All freight to or from Pittsburg to be considered as through freight, and charged ac­
cording to the foregoing table. Through freight to have the preference of way freight.
Miscellaneous freight, between way stations, to be charged five certs per ton per mile.
Special contracts may be made for the transportation of lumber, &C.
TOLLS ON THE JAMES RIVER CANAL IN 1S52.
The following rate of toll, upon a number of important articles, has been adopted
by the above company for the present year, namely :—
New rate.
Cts. Milts.

Agricultural implements,.........................
Bacon, coffee, and sugar.............................
Flour..........................................................
Lime down the canal..................... ........
Salt............................................................
Tobacco, (all kinds)....................................
Vegetables.................................................
Wheat........................................................

................
................
...............
...............

2
3

0
5
0
0 2
5
0
1 0
2 0

Old rate.
Cts. Mills.

4 0
4 0
2 5
2
3
2
2

0
5
0
5

PUBLIC WORKS OF PENNSYLVANIA.

A resolution was submitted to the Senate of Pennsylvania, on the 9th of February,
1851, calling upon the Auditor General and State Treasurer for information as to the
real cost, receipt, and expenditures of the lines and divisions of State Improvements
which that gentleman has promptly answered, and which we here subjoin, in connec­
tion with a summary view of the cost revenue, and expenditures of the several State
works of Pennsylvania.
A c co u n tan t D e p a r t m e n t , H a r r is b u r o ,

lion. Jons H. W a l r e r , Speaker of the Senate.

Feb. 9, 1852.

D ear S ir :— In compliance with a resolution of the Senate, adopted on the 24th ult.,
calling upon the Auditor General and State Treasurer, for a Statement relative to the
cost, revenue, and expenditures of the several lines, or divisions, of the Public Works
of Pennsylvania, we have the honor to transmit herewith the required information,




Railroad , Canal, and Steamboat Statistics.

504

which will be found to comprehend a period from the commencement of our internal
improvement system to the close of the last fiscal year. It may be proper to remark
in explanation of the statement, that the cost of the works embraces everything in the
way of construction proper, as well as all other items properly chargeable to that ac­
count. The revenue comprises the amount actually paid into the State Treasury,
whilst the expenditures are made up of all disbursements (whether of an ordinary or
extraordinary nature) attendant or consequent upon the operation of the works. In
short, it is believed that nothing has been omitted or erroneously included in the state­
ment, to render it other’ than a full, fair, and unreserved exposition. The revenue
strictly belonging to a particular line cannot, of course be ascertained, as tolls are
paid at the end of one line through to the termination of another. No other mode, there­
fore, could be adopted, than to apply the tolls to the several divisions, according to the
offices at which they were received—the amount received at Northumberland being
apportioned to the three lines terminating at that pcint. The course thus pursued,
however, although it may affect the details somewhat, as to the question of profit
and loss, when applied to a particular line, cannot, in any manner, do so with regard
to the aggregate of the lines. The recapitulation may, therefore, be taken as pre­
senting a correct statement of that question, applied to the public works in general.
E. BURNS, Auditor General,
COST, REVENUE, AND EXPENDITURE OF THE STATE ROADS OF PENNSYLVANIA.

Lines.

Cost.

Columbia & Philadelphia Rail’d ..
Eastern division of canal............
Juniata........................................
Alleghany Portage Railroad......
Western division of canal..........
Total...................................

$4,191,648
1,737,236
8,570,016
1,860,752
3,096,522

Expenditures.

Revenue.

$7,483,395
2,661,008
1,371,948
2,985,769
2,523,979

91
97
29
76
30

53
05
59
10
59

Total...................................

39
30
19
26
83

$15,156,077 23 $17,026,100 86 $11,987,132 97

Main Line.

Delaware division of canal.........
Susquehanna division of canal ..
North Branch division of canal ..
West Branch division of canal...

$5,105,058
762,981
1,760,583
3,161,327
1,197,182

1,384,606
897,160
1,598,379
1,832,023

96
52
35
28

2,238,694
402,779
1,003,047
449,058

75
15
58
19

1,117,716
554,835
753,662
738,470

70
22
17
58

$20,768,307 34 $21,119,680 53

$15,151,817 64

5,819 67
3S,312 29

143,911 94
210,360 00

$22,093,447 13 $21,163,812 49

$15,506,089 58

Lines in operation.

Fr. Creek division of canal.........
Beaver Creek division of canal..
Total....................................

817,779 74
512,360 05

Finished Lines.

Board of Canal Commissioners..

7,712,531 69
' 70,782 67
17.684 93

70,782 66

Collectors, Weigh-masters, and
1,348,384 14
157,731 14
Grand total.....................
♦

$30,057,077 56

$21,163,812 49

$16,925,256 38

To the above amount of expenditures may be added $6,400 paid for the use of
patent rights, and if it be desired to connect with those expenditures the amount paid
for interest on the loans pertaining, directly or indirctly, to- the public improvements,
the aggregate amount of said interest, to the close of the fiscal year 1851, may be
stated at $30/735,213 32.
GUARANTIED INTEREST.

Danville and Pottsville Railroad Company............................................
Bald Eagle and Spring Creek Navigation Company.............................
Tioga Navigation Company..................................................................
Codorus Navigation Company, (guarantied loan)..................................
Total




$216,693
137,532
46,647
6,000

57
47
15
00

$406,873 19

505

Railroad, Canal, and Steamboat Statistics.
RAILROAD PROGRESS I!V VIRGINIA,

The public 'works for which the State raised recently a loan, are fast progressing.
Four great lines of railway will shortly cross her territory; one of them through
Piedmont, east of the Alleghanies and south of Janies River, to North Carolina; a
second to Tennessee, through which it will be extended to the Mississippi; a third to
the Ohio, at the extreme southern portion of the State of Ohio ; and the fourth across
North-Western Virginia to the Ohio, near the lakes. The annexed table presents a
condensed view of railroad progress in the State, together with the interest of the
State in their capital stock:—
Appomattox Railroad, (late City Point)
Clover Hill Railroad..............................
Blue Ridge Railroad.............................
Greenville and Roanoke Railroad.........
Manassa’s Gap Railroad.................
Orange and Alexandria Railroad, (includ­
ing branch)............... . ......................
Petersburg and Roanoke Railroad........
Richmond and Petersburg Railroad. . . .
Richmond, Fredericksburg, and Potomac
Railroad............................................
South Side Railroad.............................
Tuekalioe and James River Railroad...
Seaboard and Roanoke Railroad...........
Virginia and Central Railroad, (to Cov­
ington) ................................................
Virginia and Tennessee Railroad..........
Winchester and Potomac Railroad.......
Richmond and Danville Railroad..........
North-Western Railroad.......................
Baltimore and Ohio Railroad, (in Vir­
ginia)..................................................

Capital
Miles in Milos
length. completed. stock.
$100,000
9
9
250,000
1H
HI
600,000
16f
289,100
21
21
800,000
103

1,037,500
769,000
,685,000

98
60

30
60

22

22

76i

761
30

1,000,000

41
80

68,600
500,000

122
41
9
195
209
32
147

105
50
32
46

100
240

1,400,000

1,817,300
3,000,000
300,000
2,000,000
1,500,000

State
interest.

$600,000
320,000
600,000
885,000
275,200
480,000
325,000

1,094,800

2,000,000
83,333

1,200,000

99
1,6024

completed.............................
in progress, (under contract)..

............
............

6764
6364

Capital stock, (leaving out Baltimore and Ohio Railroad)..............
$16,117,100 00
State interest.........................................................................................
7,364,433 33
LOSS OF LIFE ON RAILROADS IN MASSACHUSETTS,

It may be a common impression that railroad accidents are rapidly on the increase ;
but the following table, prepared with some care from official reports to the Legisla­
ture of Massachusetts, for the last five years, establishes the fact that upon the whole,
and in view of the great accumulation of travel, they are on the decrease :—

Year.
1847..........
1S48..........
1849..........
1850..........
1851..........

Total. . . .

Number of
miles run
by trains.
3,427,506
4,074,295
4,459,827
4,740,007
4,900,637
21,602,173

Persons
crossing
Passengers in public Walking on
the cars.
works.
track.
Employees.
K’d. In’d. K’d. In’d.
K’d. In’d. K’d. In’d.
12 16
4 4
5,694,887
9
3
22 14
16 48
7,607,495
3 1
15 10
17 13
8,951,351
9
8
7 2
20
6
28 22
h 14
9,511,639
4 4
10
6
l
21 21
10,129,676
3
9
11 9
31
5
22
6
Passengers
carried in
the cars.

44,895,048

47

95

29 20

85

30

110

77

F«om the above table, it will be seen that the average number of accidents for the
year 1851, on the miles traveled, should be 111, whereas it was only 93; and the
average number of accidents to passengers transported for that 'year should be 34




Railroad , Canal, and Steamboat Statistics.

506

whereas it was only 12—say 3 killed and 9 injured ; while at the same time, it will
appear that accidents to persons strolling on the track, or in positions where they have
no occasion to be found, are on the increase ; and it is a matter of serious consideration
whether the Legislature should not interpose to abate the evil, by attaching some
penalty to such trespassers.
OUR INTERIOR COMMERCIAL CENTERS.

Our interior Commerce has several centers—one is at Pittsburg, at the head of the
Ohio River; another is at Buffalo, at the foot of Lake Erie; a third is at Chicago, at
the head of Lake Michigan; and a fourth is at St. Louis, below the out-flow of the
Illinois and Mississippi Rivers. There is also an immense Commerce that centers mid­
way of the Ohio Valley, reaching up the Muskingum, the Wabash, the Cumberland,
and other natural streams, and back into Ohio and Indiana, by artificial channels.
Statistics, showing the radiations of trade and travel from these commercial centers,
are interesting and valuable. We glean the following from a report lately made to
the Senate by the Secretary of the Treasury:—
Travel to and from Pittsburg, 1851...................
“
“
St. Louis.............................
“
“
Buffalo..................................
“
“
Chicago...............................

passengers

466,856
367,795
622,423
199,883

Steamers.

Tonnage.

Passengers.

181
109
112
61
111
42
47
4

31,883
18,590
16,942
15.180
24,707
25,989
16,468
661

367,793
434,000
466,856
150,000
2,190,000
597,837
721,430
84,900

Total during year ending June 30, 1851..
In 1851, St. Louis district had.........................
“ New Orleans........................................
“ Pittsburg.............................................
“ Louisville............................................
“ Cincinnati............................................
“
Buffalo.................................................
“ Detroit................................................
“ Chicago................................................

1,656,957

Ferryboat passengers are included, and the number of passengers at Cincinnati,
Detroit, <fcc., are thereby largely increased.
INFLUENCE OF RAILROADS,

The Hon. C h arles S cm ner , United States Senator from Massachusetts, in a late
speech, thus eloquently and classically describes the influence of railroads on civili­
zation.
It would be difficult to exaggerate the influence of roads as a means of civilization.
This, at least, may be said: where roads are not, civilization cannot be; and civiliza­
tion advances as roads are extended. By these religion and knowledge are diffused ; in­
tercourse of all kinds is promoted; the producer, the manufacturer, and the consumer,
are all brought nearer together ; Commerce is quickened; markets are opened ; prop­
erty, wherever touched by these lines, is changed as by a magic rod into new values;
and the great current of travel, like that stream of classic fable, or one of the rivers
of our own California, flows in a channel of golden sand. The roads, together with
the laws of ancient Rome, are now better remembered than her victories. The Flaminian and Appian ways—once trod by returning pro-consuls and tributary kings—
still remain as beneficent representatives of her departed grandeur. Under God, the
road and the schoolmaster are the two chief agents of human improvement. The educa­
tion begun by the schoolmaster, is expanded, liberalized, and completed by intercourse
with the world ; and this intercourse finds new opportunities and inducements in every7
road that is built.
Our country has already done much in this regard. By a remarkable line of steam
communications, chiefly by railroads, our whole population is now, or will be soon,
brought close to the borders of Iowa. The citizens of the southern seaboard—Charles­
ton, Savannah, and Mobile—are already stretching their lines in this direction; while
the traveler from all the principal points of the northern seaboard—from Portland,




Journal o f Mining and Manufactures.

507

Boston, Providence, New York, Philadelphia, Baltimore, and Washington—now pass
to this remote region, traversing a territory of unexampled resources—at once a mag­
azine aud a granary—the largest coal-field and at the same time the largest corn-field of
the known globe—winding its wny among churches and school houses, among forests
and gardens, by villages, towns, and cities, along the sea, along rivers and lakes, with a
speed which may recall the gallop of the ghostly horseman in the ballad :—
“ Fled past on right and left how fast
Each forest,grove,and bower!
On right and left fled past how fast
Each city, town, and tow er!
Tramp! tramp ! along the land they speed,
Splash! splash ! along the sea.”

On the banks of the Mississippi the traveler is now arrested. The proposed road
in Iowa will carry him yet further to the banks of the Missouri, and this distant giant
stream, mightiest of the earth, on its way from its sources in the Rocky Mountains,
will be clasped with the Atlantic in the same iron bracelet. In this I see not only
further opportunities for Commerce, but a new extension to civilization and increased
strength to our national Union.
A heathen poet, while picturing the golden age without long lines of road, has ig­
norantly indicated this circumstance as creditable to that imaginary period in contrast
with his own. “ How well,” exclaimed the youthful Tibullus, “ they lived while Saturn
ruled— before the earth was open ed by lon g w a y s ”
“ Quam beneSaturne vivebant rege; priusquam
Tellus i n j o n g a s e s t p a tcfa c ta v io a s .

But the true golden age is before us, not behind us ; and one of its tokens will be the
completion of those lon g ways by which villages, towns, counties, states, provinces, na­
tions, are all to be associated and knit together in a fellowship that can never be
broken.

JOURNAL OF M IN IN G AND M ANUFACTURES.
DRUGS, DYES, CHEMICALS, USED IN MANUFACTURES.—CULTIVATION OF SILK.
F reeman H unt, Esq., E d ito r M ercha nts' M a g a zin e :—
S ir —The recent attempt to abrogate the ad valorem system of levying duties on
foreign importations, and substituting specific duties, has met, as might have been an­
ticipated, with discomfiture. This is not surprising. For, although the motion
presented apparently aimed only to accomplish a change in the m ode of levying
duties, its rea l purpose was to increase the price of commodities, and give what is
generally termed increased protection to native industry.
Looking at the complexion of Congress, as at present constituted, the result is not
surprising. In this, our day, there is a repugnance in all countries, republican, mo­
narchical, or despotic, to increased taxation of every kind; and, when an effort has
been made to legislate in favor of special interests, the expression of public opinion has
been unequivocally declared against it.
There can be little doubt that the majority of the people in the United States are
opposed, not to an alteration of the tariff of 1846, but to any policy which shall artifi­
cially increase the price of foreign manufactures. But neither the people, nor the
majority of Congress, who represent them, have yet declared that n o alteration shall
be made in its details of a moderate and practical character. Nor is it gainsayed that
some portions of our manufacturing industry have been depressed latterly. The mis­
take committed by the Protectionists has arisen from the assumption that no relief
can be obtained otherwise than by further taxing consumers, with the ultimate end of
cheapening articles.
This is a grave error. Has it never been suggested to the minds of those who
strenuously advocate a protective policy, that their object can be attained by a much
more popular and less offensive procedure, viz., by low ering the p r ic e o f prod u ction ?
Yet, I take it, this is demonstrable. The most forcible objection used by the advo­
cates of free trade is, that governments, by shielding certain interests from healthy




Journal o f Mining and Manufactures.

508

competition, retard rather than accelerate such interests in attaining a meridian of
utility and excellence. There would be little difficulty, I apprehend, in affirming this
proposition, as history is thickly studded with examples, and I will not waste space
in enumerating them.
I am a subscriber and an attentive reader of your Magazine, and I receive much
profitable instruction, particularly from your statistical epitomes. In your January
number, page 119, will be found a valuable digest of the manufacturing industry of
the United States, compiled from the census returns, and from that summary, and
another statistical table in the last volume, I have placed in contrast the production
of woolens, cottons, and silks, in the United States, with the foreign importations of
those goods for the year 1850 :—
United States
Foreign
production in value, imports in value.

Woolens........................................
Cottons........................................
Raw silk (estimated) worked up
in United States......................

$43,207,555
61,869,184

$16,900,916
19,685,936

400,000

20,281,034

There are, then, manufactured in this country two-and-a-half times the quantity of
imported woolens. Of cottons there are manufactured a little over three times the
foreign import. But of silk, we import f if t y tim es the amount we manufacture. The
cotton trade, therefore, must have had in operation a cause to account for the difference^of the relative positions in which the three articles stand towards each other and
to their corresponding import.
The grand desideratum in manufacturing is an ample supply of raw material. If
this can be obtained at home it is doubly advantageous ; the grower and manufacturer
being brought into proximity, as buyer and seller, so closely as to reduce to a mini­
mum all intervening expenses, as commissions, <kc. The cotton trade lias had these
advantages, and hence its rapid extension, and approach to a meridian of excellence.
The woolen trade has not had the advantages as to raw material which its sister
trade possesses. Notwithstanding an import duty of 30 per cent against foreign wool
in its favor, it still lacks the supply which our domestic consumption requires; it is
questionable whether the time lias not arrived at which it would be politic to abro­
gate the duties on foreign wool altogether, or that the duties should be considerably
modified, seeing that the home production fell short of the home consumption last
year by 18,000,000 pounds.
The silk trade in the United States is in an anomalous but not unaccountable posi­
tion. Many attempts have been made to cultivate silk in the United States. In
some of the Middle and Western States large bounties have been granted ; but these
have failed to stimulate production. The care of cocoons is a disagreeable, indeed,
filthy occupation, affording no adequate remuneration for the labor expended upon it,
and therefore it has been generally abandoned for more profitable agricultural pur­
suits. A tax of 15 per cent is levied by the federal government upon foreign raw silk,
and this has produced the lamentable state of affairs indicated in the above table.
The retention of this tax is incompatible, therefore, with the prosecution of the silk
business, and no sound reason can be adduced for its continuance.
Having glanced at these branches of industry, and seeing that the whole have been
depressed, I would recommend Congress to repeal the revenue duties on all drugs,
dyes, and chemicals, used in their manufacture, with a view to encourage the export
of cottons and woolens, and to abrogate the duty on foreign silk. We have made some
experiments in the silk trade in this neighborhood ; and we find no difficulties what­
ever in weaving ribbons by steam power. I have inclosed you a specimen or two .
The only obstacle we find is price . If we are to carry on this manufacture, the only
possibility of doing so— and remunerating our laborers—is by giving us u n ta x ed silk.
We want a diversity of manufacturing industry. Several hundred hands might be
profitably employed upon these classes of goods. I should very much like to have
your opinion as to their quality. They are one of the fruits of the World’s Fair : and
I understand that should Congress grant a repeal of the duties on silk, drugs, dyes,
tfec., some very superior articles of United States manufacture will be displayed at the
New York Fair. Do you not think, sir, that productions like the inclosed are really
worthy of some attention from Congress. It is no special favor that is asked. All
that is wanted is an ample supply of raw material.
F. C.
I have the honor to remain, sir, yours respectfully.




Journal o f Mining and Manufactures.

509

THE MANUFACTURES OF CHICAGO.

In a former part of the present number of the M erchants’ M agazin e, under our
series of “ Commercial cities and towns of the U nited S tates,” will be found an
interesting review of the commercial progress of Chicago in 1851. The following
facts and figures of the manufactures of that city are derived from the same reliable
source:—
C hicago M anufactures.—The geographical position of Chicago with reference to a
large portion of the North-West; the many facilities of approach which it already
possesses, and ilie many more which it will very shortly have; the proximity of inex­
haustible supplies of coal and of various kinds of minerals—all point to it as the ulti­
mate seat of a very extensive manufacturing business. As yet this interest is but in
its infancy, in our city—only a few years having elapsed since the first manufactory
was established ; nevertheless, when we collect the statistics of the several branches
pursued, and present the aggregate thereof, the show is highly creditable to the place,
and furnishes a hopeful augury of “ the time to be.” We proceed to give, in detail, a
very brief account of the different branches of manufacture followed.
F oundries and M achine S hops.—-The number of these in successful operation, in
the city, is ten. The articles produced in them are stoves, parlor grates, gas pipes
columns, lintels, etc., for buildings, horse powers, all manner of mill and other gearing,
steam engines and boilers, railroad cars, patent screw cutters, and wbatevei^else
comes appropriately under the above head. Steam engines and boilers, manufactured
in Chicago, are now in use in Wisconsin, Iowa, Michigan, Indiana, and Illinois, and
have acquired for their respective makers a highly enviable reputation. Every es­
tablishment is pushed to the extent of its capacity, and each is extending its facilities
for business as rapidly as possible. The aggregate of this branch of manufacturing
will be seen by the following statement:—
Capital invested.....................
Aggregate sales in 1851.......

$1S0,500 I Value of raw material consumed $98,900
241,900 | Number of workmen employed..
291

A gricultural I mplements.— There are nine establishments for the manufacture of
agricultural implements in which the business is carried on extensively, and some
others of less note. The articles manufactured in the largest amount are, reapers and
grass-cutters, threshing machines and separators, plows, seed driUs, corn shelters and
separators, besides a great variety of other implements. The reaper business is con­
ducted on a very extensive scale by Mr. McCormick, whose machine, on exhibition, at
the World’s Fair last summer, gained so much notoriety. Messrs. Wright and Hussey
have just completed an establishment for the manufacture of Hussey’s reaper. Under
this head we have been compelled to place the manufacture of wagons, because that
business is carried on in connection with it, and we were not able to separate them in
obtaining the figures of manufacturers.
The following shows the extent of this branch of business:—

Capital invested...........................$859,000 I Value of raw material consumed $100,000
267
Aggregate sales of 1851........... 890,250 | Number of workmen employed.
C abinet M aking.— L ooking G lass and P icture F rames.— Whole number o f es­
tablishments, ten, though the principal business is done by about half the number.
The following are the figures for this department of manufacture :—

Capital invested........................
Sales of the year 1851 ............

$72,000 I Value of material consumed...
134,600 | Workmen employed.................

$36,600
176

F louring M ills .—The total capital invested in mills, in the city, is 8155,000.
There are four in all, one of which (the Messrs. Adams’) is just completed. The other
three manufactured during the past year a little over 60,000 bbls. of flour, consuming
about 300,000 bushels of wheat. In the four mills there are fourteen run of burrs,
and the daily capacity of the whole, is 850 bbls. of flour. About forty men find em­
ployment in connection with these mills.
T anneries.—There are five of these in the city, and the extent of their business is
as follows:—
$181,000 I Value of material ..
$99,267
Capital invested.
240,000 | Number of workmen.
159
Sales of 1851...




510

Journal o f Mining and Manufactures.

P laning M ills .—There are three planing mills in the city, two only of which have
been at work during the entire year. The three are capable of planing from six to
eight million feet of lumber, per annum. The capital invested is $60,000, and the
number of workmen employed is 55.
C arriage M aking.—We have some most accomplished workmen in this branch of
manufacture in our city. Various specimens of their skill may be seen daily upon
the streets, which, in beauty of design and exquisiteness of finish, will favorably com­
pare with those manufactured in the best establishments of the East. The following
is the business in this line :—

Capital invested.....................
Sales of 1851..........................

$30,500 I Value of material..................
46,700 | Workmen employed...............

$14,000
82

B rass F oundries, B ell C asting, and L ocksmithing.—In these several branches
there is invested capital to the amount of $22,500. The business of the year foots
up to $43,000; the material consumed was $14,500, and some 38 men were employed.
These manufactures are yet in their infancy. Nevertheless, the men engaged in them
have already convinced the people of Chicago, that for anything in their respective
lines, there is no need to go to the East to procure a superior article.
L ard Oil, C andles, S oap, and S team M elting.—There has been a large increase
in this branch of business within a short period ; and the large number of cattle annually
slaughtered here, together with the facilities for obtaining material from abroad, leads
us to expect a still greater increase. The capital now invested is $125,000. The aggrega^ business of the year amounted to $233,375, and the number of hands em­
ployed was SO.
C ooperage.—We are not sure that we have found the whole of this business. What
we did fall in with, however, amounted to $16,500 in capital invested ; $33,500 in the
aggregate business of the year—$19,000, value of material, and 56 workmen employed.
M arble S hops, S tone D ressing, and M ill S tones.—The whole amount of capi­
tal invested in the above, is $15,500. Aggregate business of the year, $28,000. Ma­
terial used, $12,500. Workmen employed, 44.
I ce. Tliis luxury is now furnished us in great abundance. The capital invested is,
$10,000. During the winter 90 workmen are engaged ; during the summer, 20. Some
10,000 tons have been packed during the present winter
B rick M aking.—The large amount of building which was done last year, exhausted
the entire supply of brick, and some buildings commenced had to be discontinued in
consequence. The total number of bricks manufactured, was 15,750,000 ; the capital
invested in the business, is about $30,000, and the number of hands employed last
year, 215.
•

Foundry and machine shops
Agricultural implements....
Cabinet making...................
Mills....................................
Tanneries.............................
Planing mills.......................
Carriage making..................
Brass and bell founders . . . .
Lard oil, candles, & c ............
Cooperage......................... .
Marble shops, e t c ...............
Tobacco, cigars, &c ...............
Ice........................................
Brick making......................
Total...........................

recapitulation.

Work’an.
291
267
176
40
159
99,267
56
14,000
82
38
14,500
80
19,000
66
44
12,500
56
90
215

Capital.

Sales, 1851.

Material.

$180,500
359,000
72,000
155,000
181,000
60,000
30,500
22,500
125,000
16,500
15,500
47,000
10,000
30,000

$241,900
390,250
134,600

$98,900
100,000
36,500

.......

240,000
46,700
43,000
235,375
33,500
28,000
63,000
70,000

$1,304,500 $1,326,225

$394,660

1,649

In the above list we have not included the manufacture of boots and shoes, harness,
trunks, clothing, plumbing, gas fitting, sheet tin and copper ware, pump making,
black-smithing, silver and gold smithing and plating, and a variety of other branches
of manufacturing. We have given sufficient, however, to enable the reader, at a dis-.
tance, to form a pretty correct idea of the extent to which these various branches of
industry are engaged in.




Journal o f Mining and Manufactures.

511

THE COAL PRODUCTIONS OF OHIO.

The statistical editor of the C in cin n a ti G a zette furnishes the subjoined statement
of the production of coal in Ohio:—
Ohio has coal enough in its bosom to supply the nation through an indefinite period.
In fact, it is apparently inexhaustible. But a country must be comparatively old,
wealthy, and populous, before the treasures of iron and coal are fully developed, for
they require a very large capital in order to be mined, and carried to market. Some
of the great iron factories of Wales and Scotland have a capital of ten millions—a
thing in this country not thought of.
The coal of Ohio lies very accessible, and requires comparatively little capital to
handle it ; but we have as yet, (except in Cincinnati,) little manufacturing, and in a
large portion of the State, the people are not sufficiently near the mines, or public
works, to use coal in competition with wood. Time and the axe are, however, rapidly
destroying the forest, and wood is fast rising in price. The period is near when nearly
the whole people of the Central West will use coal. It is only within a few years
that the coal trade of Pennsylvania has largely increased, and the effect of it on the
population and wealth of the State is very remarkable. The county of Schuylkill
doubled in population the last ten years, and the city of Philadelphia has almost kept
up with the city of New York. We copy the following return of the coal product of
Eastern Pennsylvania, from the N o r th A m e r ic a n , taking four periods, at intervals of
five years.
181 0 .

1835.

174,734

560,758

1810.

1815.

865,414

2,023,054

1850.

1851.

3,356,614

4,383,899

From this statement it appears that the Pennsylvania coal trade has increased at
more than 100 per cent in each five years. Supposing a bushel of coal to be 80 pounds,
which is the legal weight, we find that the Pennsylvania production of 1851 was one
hundred and ten m illion s o f bushels.

The marketable production of coal in Ohio, may be determined approximately by
the last report of the Board of Public Works. The principal points of coal mining
in Ohio are at Tallmadge, ■Summit county; Pomeroy, Meigs county ; Nelsonville,
Athens county; and some points in Stark and Coshocton counties. The amount
brought to market from these several points in 1850-51 was as follows, viz:—
From Akron, Summit county............................. .'.........bushels
“ Massillon, Stark county....................................................
“ Dover .............................................................................
“ Roscoe, Coshocton county................................................
“ Nelsonville, Athens county..............................................
“ Pomeroy, Meigs county, about..........................................
Total............................................................................

3,052,850
186,893
59,150
260,256
930,150
2, 000,000

6,489,299

This is but a sixteen th part of the coal brought to market in Eastern Pennsylvania ;
yet it is a large amount, and a large increase on the production a few years since. It
is about the production of Pennsylvania fifteen years ago. May not the increase of
the coal trade in Ohio be nearly as rapid as that in Pennsylvania ? If so, what an
immense effect it will have on the business of the State, and especially on Cincinnati!
The great difficulty with our coal mines is that we have so very little capital applica­
ble to that business. The opening of the Pomeroy mines has been of great utility to
this city ; but it lias been accomplished only by the uncommon energy, perseverance,
and intelligence of the spirited proprietors. Time and labor were the substitutes for
capital. The mines of Tallmadge have also been many years in arriving at important
results. Notwithstanding the unpromising effects of the tariff on the manufacture of
iron, there is a wide and profitable field for the employment of capital in Ohio, in
developing its mineral resources.
The consumption of coal in the interior towns, is gradually increasing. The con­
sumption of some of these is known by the receipts from the canals, as follows:—
1850.

Columbus...... bushels.
Circleville..................
Chillicothe.................
McConnellville..........
Middletown................




1851.

285,521 499,951 Dayton.. . . .bushels.
66,109
93,829 Piqua... . . . .
183,139 205,867
46,285
68,444
Totals..
16,305
19,025

1850.

89,953

1851.

63,840
9,677
957,893

512

Journal o f Mining and Manufactures.

These are comparatively small quantities, but the increase (50 per cent) in one year,
is quite remarkable, and proves what we have said, that as wood rises in price, the
consumption of coal rapidly increases. Within a few years past coal has been exten­
sively substituted for wood in steamboats. This has largely increased the consump­
tion on the rivers. We have seen a steamboat on the Mississippi take poor coal on
board at 30 cents per bushel. It is obvious that coal will be entirely used in steam­
boats, and it is equally obvious that coal must be almost the only motive power of
machinery. The numerous railroads will soon facilitate the introduction of coal into
numerous towns now inaccessible to the coal trade. All these things will soon afford
an active demand for our coal—mineral lands will be in demand—and capital will de­
velop the wealth now lying dormant in the earth. The coal of Pennsylvania carried
to market last year came to twenty m illion s o f d olla rs. An income like this, dug out
of the earth, in a single article, is alone enough to make a State prosperous and in­
dependent
CAMEL COAL OF THE KENAWHA VALLEY.

There are on the Kenawha and its tributaries five veins of common bituminous coal
and t w o of Caunel coal, all capable of being worked, and all above the level of the
river. The largest and best is said, in a letter from Edward Kenna, published in the
Richmond E x a m in er, to be on the Coal River, where its aggregate thickness is
twenty-four feet. The floor of the coal measures in this region is of fire clay or rock,
aud the roof of solid sand-stone. The dip inclines to the northwest at a very low
angle. Professor Rogers gives the bituminousyioal a rank quite equal to the best Pitts­
burg coal. The Cannel coal is said to be equal to any of this kind of coal in the world;
like all coal of this description it is free from any intermixture of sulphur. Mr. Kenna
says:
“ I may add, that from the close grain and compact character of this coal, it bears
transportation and exposure to the weather better than any other coal. It contains
from three to four thousand cubic feet per ton more gas than the best English or
American bituminous coals; (vide Parnell’s Applied Chemistry, Appleton’s edition.)
It raises steam to the desired point in thirty minutes—the best bitumen coals taking
over two hours, (vide Prof. W. R. Johnson’s report to Congress on American coals.)
In short, its superiority for. many practical purposes is so manifest, that there can be no
doubt but that as soon as a sufficient quantity of the coal can be sent to market, it will
supersede all other kinds of fuel.”
The thickest vein of Cannel coal in England or Scotland is said not to measure more
than tweuty-two inches; the Kenawha Cannel coal has an average thickness of six
feet. Mr. Kenna says, that when the Central Railway is completed, it may be sent to
Richmond at a cost not exceeding four dollars a ton.
GOLD MINES I1V VIRGINIA.

Within the past three years several rich mines have been opened and worked suc­
cessfully in different parts of the State. Machinery has been introduced for the pur­
pose of crushing the quartz rock, and it has been demonstrated that a profitable busi­
ness could be done in that branch of mining.
The Richmond Whig thinks, that as the country becomes settled and improved
machinery is introduced, an amount of the precious metal will be produced that wiU
go far towards furnishing the State with a solid basis for her currency.
A returned Californian, who was induced to visit the Virginia mines, says of one of
them:
“ I was prepared to examine a strong vein of quartz, but did not, however, expect
to see a m am m oth vein, rivaling in extent any of the celebrated beds of California.
Several shafts have been sunk within half a mile on various parts of the vein, of dif­
ferent depths, which exhibits the same uniform character, and widens as it goes down­
wards__and at a depth of twenty yards is sixteen feet in thickness, throughout the
whole length of the bed, yet the same uniformity, volume, and thickness is found to
continue. If fifty tons were taken out per day for crushing, this vein could not be
exhausted in a century. I was induced to make experiments to test the value and
evenness of yield in the rock, and found gold in all parts, and the fact determined that
gold penetrates the whole mass. There are very rich threads leading through the
whole length of vein in the galleries opened. Specimens were blasted out while I
was in the vein, which for richness is not excelled by the best quartz rock in Cali­
fornia.”




Journal o f Minina and Manufactures.

513

STATISTICS OF THE GREAT EXHIBITION.

The L on d on O bserver publishes a return of the number of visitors during the time
the exhibition remained open to the public. From this we learn that, in the month of
May, the number of visitors was 734,782 ; in June, 1,133,116 ; in July, 1,314,176 ; in
August, 1,023,435 ; in September, 1,155,240; in October up to the 11th instant,
841,107 ; grand total, 6,201,856. The liabilities incurred, so far as they have at pres­
ent been ascertained, are as follows:—To Messrs.Fox and Henderson for the building,
£79,800 ; to Messrs. Munday for rescinding of contract, £5,000 ; extra galleries, coun­
ters, and fittings, £35,000; management including printing, ifcc., up to the 1st May,
£20,943 ; police force, £10,000 ; prize fund, £20,000 ; management during the exhi­
bition,— ; total, £170,743. The income of the establishment is as follows, up to the
close of the exhibition:—Public subscriptions, £64,344; privilege of printing £3,200;
privilege of supplying refreshments £5,500 ; amount received for season tickets up to
1st May, £40,000 ; royalty of 2d. per copy on catalogues, — ; total funds in hand on
the 1st May, £113,044. Amount received at the doors up to August 30th, £252,141
9s. 6d.; amount received up to the end of September, £62,007 12s.; amount received
up to Saturday, the 11th of October, £41,922 11s. 6d.; grand total £469,115 13s.
While the exhibition remained open to the public the children of no fewer than
510 schools, amounting to 43,715 pupils, visited it; and the kind feeling exhibited by
the wealthy classes towards the poor may be further inferred from the fact, that nearly
11,000 persons, in addition, were treated to a visit to the exhibition at a cost of £2,735
paid for admission, to say nothing of the much larger sums disbursed for their convey­
ance to and from the Crystal Palace.
PRODUCTION OF CALIFORNIA GOLD.

The memorial of the Convention of citizens of California lately held in Washington,
presented to Congress, gives an exalted idea of the richness of California in minerals,
and particularly in gold, quicksilver, silver, <fec. The yield of gold dust will steadily
increase, every succeeding year, while the supply of gold from the quartz will be in­
exhaustible. The annual product of gold from auriferous quartz will be, three years
hence, two hundred and twenty-five millions. Examples are given to prove the rich­
ness of the gold-bearing quartz. The average results of specimens sent to London,
was $500 a ton; the picked specimens were equal to $35,000 a ton. An assay of
gold-bearing quartz, at the mint, which weighed 188 ounces in its natural state, pro­
duced $1,731 in gold, or $9 20 an ounce. The amount of gold dust during the next
three years is estimated at one hundred and fifty millions of dollars. The views of the
memorialists in regard to the gold deposits, and the minute and extensive diffusion of
the metal in the quartz rock, are very interesting.
DISCOVERY OF A SILVER MINE IN NEW MEXICO.

The N a tio n a l In tellig en cer says that a dispatch has been received from an officer of
the army stationed in New Mexico, stating that an extensive and rich silver mine has
been discovered on the public lands in the vicinity of Fort Fillmore, in that Territory.
The main or chief vein is said to be over five inches in width at the surface, and is ex­
posed from the summit of a mountain fifteen hundred feet high to its base, over a
thousand yards in length. The eastern slope only of the mountain has been explored,
but there is no doubt that the vein passes entirely through it. An analysis of the ore
has been made by a Mexican silver worker, who pronounces it very rich. Fort Fill­
more is about 20 miles north of El Paso.
NEW PROCESS OF WASHING GOLD IN CALIFORNIA.

The Calaveras C hronicle says that a miner, at Volcano Diggings, has hit upon a
new plan of separating the gold from the earth, and one that is likely to prove suc­
cessful and be generally adopted. There is a species of auriferous earth frequently
met with that is so extremely stiff and tenackms that the ordinary methods of washing
have but little effect upon it. The discoverer of the new process was working in this
kind of earth, when the idea occurred to him to boil the dirt. He tried it, and found
all difficulty in extracting the gold removed. Parties have already commenced con­
structing machinery for working by this method on a large scale.

VOL. XXVIII.---NO. IV.




33

514

Journal o f Mining and Manufactures.
IMPROVEMENTS IN THE MANUFACTURE OF OXALATE OF POTASH.

We notice in a recent number of the L on d on M echanics' M agazine, that a patent
has been issued to Mr. George I. Firman, of Lambeth street, for improvements in the
manufacture of oxalate of potash, which consist in employing oxalic acid and water to
act on salts of potash, such as the tartrate, sulphate, or muriate of potash.
When tartrate of potash is the salt employed, the patentee takes cream of tartar,
and neutralizes the excess of acid contained in it by the addition of carbonate of lime;
he thus obtains a neutral tartrate in solution to every 100 lbs. to which he adds 60 lbs.
of crystalized oxalic acid dissolved in water. This quantity of acid is sufficient to com­
bine with about half of the potash ; the remaining half being acted on by the liberated
tartaric acid and converted to tartrate of potash, which may serve for a subsequent
operation, or may be purified by passing its solution through animal charcoal. The
neutral oxalate of potash is subsequently treated by adding a sufficient quantity of
oxalic acid to convert it to a superoxalate, which is filtered, evaporated, and crystal­
ized in the ordinary manner.
In operating on sulphate of potash, the patentee dissolves it in water, heated about
180 deg. Fahr., jand to every 100 lbs. thereof he adds 160 lbs. of crystalized oxalic
acid dissolved in water, or a sufficient quantity of oxalic acid to convert the potash of
the salt into superoxalate of potash (sulphuric acid being liberated.) He then stirs
the mixture well, keeping up the temperature to about 180 deg. Fahr., and allows
it to cool, when the superoxalate of potash will be found adhering to the sides and
bottom of the vessel. It is subsequently dissolved, filtered, evaporated, and crystalized
in the usual manner.
When muriate of potash is operated on, the patentee dissolves it in water, heated
to about 180 deg. Fahr., and having added to every 100 lbs. thereof 140 lbs. of crystalized
oxalic acid dissolved in water, or a sufficient quantity of acid to convert the potash of
the salt to a superoxalate, he proceeds as above directed when operating on sulphate
of potash. The muriatic acid resulting from this process may be utilized by evapo­
rating the liquor left in the vessels after the crystals of superoxalate of potash have
been removed, and the residue of the evaporation may be returned, to be again opera­
ted on with fresh quantities of muriate. In order to prevent the escape of muriatic
acid, it is recommended to conduct the operation in a closed vessel, (which should be
composed of earthenware, although lead vessels may be used when operating on the tar­
trate and sulphate of potash,) having a pipe leading from it to another vessel contain­
ing water, by which the water will be absorbed.
ONONDAGA AND TURK’S ISLAND SALT.

An interesting experiment, ordered by the Secretary of War, for the purpose of test­
ing the relative merits of Onondaga and Turk’s Island salt, has been made here. The
occasion of this experiment is, that there has existed a strong prejudice against salt of
home manufacture ; and for all orders for beef and pork for the use of the government
it has been expressly stipulated that it should be packed in Turk’s Island salt. The
experiment was the packing of eight hundred barrels of pork in the two varieties of
salt, about two or three months since, which was unpacked and examined by compe­
tent judges, and the result is, that the meats packed in the two kinds of salt were
precisely the same, both being compact and of the same color.
There are two kinds of salt made at Syracuse, and the pork was packed in the pure,
large crystal kind.
BRICK MAKING IN THE SOUTH.

We learn from a contemporary, th.d the brick manufactory of Mr. Kendall, situated
on the Bay of Biloxi, is doing a very extensive business. It was constructed in fur­
therance of a contract made by its enterprising proprietor with the United States Go­
vernment, to supply brick wherewith to build a custom-house in the city of New
Orleans. It commenced July twelve months ago, since which time it has grown in
size so rapidly that it now resembles one of those busy, bustling, thriving little manu­
facturing towns, that always attract the Attention, and inspire the admiration of the
traveler in certain parts of New England. It is, perhaps, one of the most extensive
brick making establishments in the Union. It employs two of Culbertson and Scott’s
improved dry brick preses; each throws up per day, 25,000 brick of super or quality,
making a sum total of 50,000 bricks daily. The establishment is capable of producing




Statistics o f Population , etc.

515

yearly 10,000,000 saleable brick. The cost of the site and all things appertaining to
it—in which are included a propeller, spleudid barges, <fcc.—has, up to the present
time, been between thirty and forty thousand dollars; the machinery is under the
direction of a single man, Mr. Thomas Young; one of those meu who by their honesty,
industry and ingenuity, have added imperishable honor to the name of their mother
country, Scotland, and made America ever proud to adopt them.
This establishment employs one hundred and twenty hands, all of whom, we believe,
are slaves. The work is well performed, and the business cannot but prove profitable
to the enterprising proprietor.

STATISTICS OF POPULATION, &c.
MORTALITY OF CHICAGO, ILLINOIS.

In another part of the present number of the M erchants' M aga zin e we have pub­
lished an elaborate article on the commercial progress of Chicago in 1851, mainly de­
rived from the annual report of the Chicago Tribune. The statement below, of the
mortality of that place from 1847 to 1851, inclusive, is derived from the same reliable
source:—
From our files for the last four years, and from the returns of Mr. Woodson, City
Sexton, for 1851, we make up the following table of mortality of Chicago, for five
years:—
1847.

........
........
........
........
........

33
23
32
119
25

........

53

........

87

........

Total. . . . ........ ..........

January .....................
Februarv...................
March. . . . ...............
April..........................
May............................
June...........................
July............................
August........................
September.................
October.......................
November..................
December...................

1848.

1849.

1850.

1851.

30

26
31
41
31
48
41
46
65
60
63
65
43

52
62
36
49
127
173
411
242
164
97
64
42

60
67
53
50
43
27
240
466
174
70
46
49

30
29
35
35
45
35
67
237
175
49
45
54

520

560

1,619

1,335 '

836

That our city is improving as rapidly in respect to the health of its citizens, as it
is in all other desirable matters, the above table abundantly proves. Nearly one half
of the mortality of the city in 1849 and 1850 was from deaths by cholera. Likewise
in 1851 it was increased some two or three hundred by the same cause. The popula­
tion for the years comprehended in our table was as follows:—
1847....................
184 8....................

16,850 | 1849 ....................
19,724 | 1850 ....................

23,047 1 1851 ...................
28,620 |

35,000

From these figures it will be seen that the ratio of mortality has very materially
fallen short of the ratio of increase of population. Had our city been spared the visi­
tation of cholera last summer, the mortality of 1851 would hardly have exceeded that
of 1847, notwithstanding the population had more than doubled during that period.
This gratifying fact is doubtless the result, in part, of the sanatory measures adopted
for the last three years to guard against the cholera, and in part from the planking of
streets and the construction of sewers, which have materially tended to keep the city
in a cleaner condition.
As these improvements are extended, the same good consequences may be expected
to flow from them; and when, in addition to a complete system of sewerage and
planking, the whole city is supplied with an abundance of pure lake water, Chicago
will doubtless become the healthiest city on the continent.




Statistics o f Population , etc.

516

PROGRESS OF POPULATION IN MASSACAUSETTS.
POPULATION OF MASSACHUSETTS AT VARIOUS PERIODS.
D ate.

P o p u la tio n .

1701...........................
1742...........................
1763................. ___
1765................. ........
1776................. ........
1784................. ........
1790.................
1800................. ___
1810................. ___
1820................. ___
1830................. ___
1840.................
1850................. ___

70,000
164,000 Increase 134 2-7 per cent in 41 years.
0,11 AOK
««
A >7
«
021
1
«
241,025
47
2 “
227,926 Decrease 5 7-10 “
11
348,004 Increase 52 6-10 “
8
“
2 4-10 “
357,510
«
6
6 7-10 “
378,787
<
(
10
11 3-5
“
422,845
«
11 3-10 “
10
472,040
«
10
10 9-10 “
523,287
10
“
16 2-5
“
610,408
M
10
20 8-10 “
((
10
34 8-10 “
994,751
there
is an increase
In all the counties but Suffolk, Franklin, Nantucket, and Duke’s,
on the United States Census over the State Census.
PROGRESS OF POPULATION IN CHICAGO.

The Board of Water Commissioners of Chicago (Illinois) in their report give the
following as their estimates of the future population of that city, estimating it in
1851, 36,000 souls:—
95,000 1870... . 126,000
65,000 1864... .
40,000 1858....
1852....
70,000 1865... . 100,000 1871... . 132,000
44,000 1859....
1853....
75,000 1866. .. . 105,000 1872... . 139,000
48,000 I860....
1854,...
80,000 1867... . 110,000 1873... . 146,000
52,000 1861. ..
1855....
85,000 1868... . 115,000 1874. .. . 154,000
56,000 1862....
1856. ..
90,000 1869... . 120,000 1875 .. . 162,000
60,000 1863....
1857....
“ This is,” the A r g u s thinks, “ rather inside the true figures, and was designed so to b e ;
what a prospect then does futurity furnish to our citizens. Twenty-four years hence
and our population will exceed 162,000. There are in our midst some young persons,
who came to Chicago when they were children, and who, should they live to a good
old age, can only look back upon the growth they have witnessed of our city as the
realization of some strange dream.”
POPULATION OF BARBADOES,

An abstract from the census returns taken in this island on the 25th of June, 1851,
has been completed by Mr. Bayley, jr., and forwarded to his excellency the Governor.
The general return gives the number of 135,939 souls as the total population—some,
probably, 4,000 or 5,000 less than the truth. Of these, 62,272 are males; 73,667
females.
The number of public officers and professional men is given as.................
691
Engaged in Commerce.................................................................................
2,823
Tradesmen and mechanics............................................................................
7,339
Engaged in agriculture................................................................................
36,653
Engaged in domestic service........................................................................
15,335
Sick and infirm................................................................... .....................
3,556
Without any specific occupation..................................................................
69,532
Total,

135,939
POPULATION OF BRITISH GUIANA.

Abstracts of the census of the population of British Guiana, taken on the 31st of
March, 1851, have been published. By these returns we learn that the total popula­
tion of the colony amounted, at the end of March, to 127,695 persons; 97,554 of
whom constituted the rural population, and the remaining 30,141, the urban. Of
those 97,654, 50,259 were inhabitants of Demarara; 22,925, of Essequebo; and 22,370,




Mercantile M is ? :7
, 'n es.

517

of Berbice; while of the 30,141 persons resident in the town, 25,508 belonged to
Georgetown, and 4,633 to New Amsterdam. There is no great disparity between the
sexes; though, o\^bg to the importations of late years of Coolie immigrants, who are
mostly males, there is an excess of male9 over females. Of the total number of
127,695, 86,451 are natives of British Guiana, the remainder being composed of im­
migrants of all classes and almost all countries.
EMIGRATION OF THE UNITED KINGDOM IN FIVE YEARS.

The total number of persons who emigrated from the United Kingdom during the
five years from 1846 to 1850, inclusive, was 1,216,557. The number dispatched by
the colonial land and emigration commissioners in the period wa9 53,434, and the esti­
mated number who emigrated at their own cost in the same time was 1,163,123.

MERCANTILE MISCELLANIES.
DISCIPLINE IN THE MERCHANT SERVICE,

In accordance with a custom we adopted from the commencement of our journal,
w e give place to the communication of Mr. D abney, without necessarily indorsing the
views he honestly advances. Indeed, we regard flogging in all its applications—in
schools, in families, in the navy, or in the mercantile service—as a degrading barbarism,
altogether unworthy of the enlightened sense of the day. But our correspondent has
made some good suggestions, and we cheerfully permit him to speak to “ our parish,”
many of whom are deeply interested in the subject he discusses:—
F a y a l , J a n u a r y 1, 1 85 2.

F reeman H unt, E sq., E d ito r o f the M erch a n ts' M aga zin e , e t c :—
S i r : —Having a project of transcendant interest, it is natural that I should endeavor
to obtain the most powerful aid to insure its accomplishment, and being an old sub­
scriber to your Magaziue, and of course aware of the ability with which it is con­
ducted, and knowing that you stand on neutral ground in regard to politics, I feel
confident that through your influence the subject may be placed before the nation in
what I humbly conceive to be its true light. I come to treat, sir, of nothing less than
corporeal punishment in our marine, and I beg that in expressing my own convictions,
I may not be considered wanting in deference to the opinions of many of the most en­
lightened men of our country, and among them, of course, a majority of the members
of our national Legislature, who have been actuated by the purest motives, but who,
from their position in society, have not had so good an opportunity of judging of the
effects of their measures. Believing that some analogy may be traced between the
cases, I will suppose that we are about to treat a malady that can be cured by the
application of a slight caustic, which will entirely relieve the patient, without leaving
any permanent ill effects, or that may (possibly) be cured by infusing a slow poison
into the system of the patient, that will sap the foundation of his constitution, and
frequently fail in producing the desired effect—which mode of treatment is preferable ?
Flogging is the caustic—confinement the slow poison. The former has also the ad­
vantage of acting more as a preventive. Let us suppose that a seaman refuses to do
his duty, and is “ seized up in the rigging,” and told that he will be flogged until he
consents to obey. How many lashes will he receive ? Let it be known that confine­
ment in irons will be the punishment for such a misdemeanor. I know that many
have, and no doubt many will persist in their waywardness, and any one conversant
with the laws of hygiene knows that a man cannot be kept confined a week in a badly
ventilated place (such as landsmen have no conception of, as vessels are not adapted
to the comfortable accommodation of such characters,) without detriment to his health,
and if the confinement is of long duration he will never wholly recover from the
effects.
Permit me to ask which mode of treatment is the most humane, that which relieves
the patient, as it were, by magic, without injury to the constitution, or that which is
frequently ineffectual in a moral sense, and the physical effects of which can never be




518

Mercantile Miscellanies.

removed. As regards the moral influence of the different modes, which is the most
degrading ?
In a national point of view the subject is of vita l importance,^ I shall leave our
ships of war to the management of their able officers and take Die case of a mer­
chantman. Having a vessel well equipped and manned, what is the first requisite ?
Obedience to orders. Can subordination be perfectly maintained without flogging ?
I am of opinion that, in many cases, it cannot. The safety of a vessel often depends
on the alacrity of seamen, and I believe vessels have been lost in consequence of the
abolition of flogging. Men that require it have reached a degree of moral degradation
that render them indifferent to punishment that does not make them smart. To our
whalemen the subject is of the greatest importance. The owners are obliged to make
large advances to the seamen, some of whom are beyond all moral restraint, and their
first object is to get clear of the ship and their pecuniary responsibility as soon'as pos­
sible, and they frequently combine and refuse doing duty. I have lately had several
such conspiracies brought under my notice. The masters, having no means of con­
trolling them, (having found confining them of no avail,) were glad to get clear of them
at any cost. I was consulted by one master who had eight men in confinement for re­
fusing to do duty. I told him that I could not advise him to contravene our laws, but
I at the same time told him that if I had charge of a ship my orders should be obeyed
or I would abdicate. He was a man of nerve and an experienced ship-master, he had
to yield to the conspirators, and break up his three years’ voyage, or expose himself to
the penalty of the law. He chose the latter, went on board, flogged the ringleader,
and in ten minutes had the control of his men, who had been for days in confinement
determined not to do duty on board of his ship.
My first great trial in the management of seamen was with the crew of the cele­
brated privateer General Armstrong. After the destruction « f that vessel, and since
then, I have had the care of thousands, consequently my opinion is based on thirtyeight years’ experience. It has often been a subject of surprise, and of deep regret,
that there are no special enactments for the guidance of masters in the government of
seamen. A code defining as particularly as possible every degree of delinquency that
can be committed on board of vessels, and particularly specifying the punishment for
each offense, would have a very beneficial effect in preventing the misdeeds of sea­
men, as they would soon become enlightened in regard to the consequences, and in
case it became necessary to exercise severity, it would afford the mas'er the greatest
possible relief, as he would know exactly how to act, whereas, hitherto he has had no
“ chart or compass” to guide him, and this undefined state of things has operated very
unfavorably on both master and seamen.
Much has been said respecting the mismanagement of seamen, and no doubt there
has been ample cause for it; but the difficulty of the master’s position has been entirely
overlooked. Let us appeal to the wisdom of our legislature to enact laws that will
afford both to the master'and the seamen the protection that is so im p orta nt to their
happiness and our national prosperity. The number of persons fully sensible of the
very g rea t importance of this subject is very limited, as it is confined to those who are
aware of the necessity of good government on board of a vessel. Most of our ship­
masters have filled the various grades on board of vessels, consequently no persons
are better qualified to give a correct opinion than they; and I venture to predict that
not a dissenting voice, from the opinion herein expressed, will be heard.
Deeming it to be the duty of every citizen to contribute his mite to the public
weal, I have thought that I could not acquit myself better than by soliciting your
powerful mediation to place this very important subject before cur fellow citizens.
With very great regard, I have the honor to be, sir, your most obedient,
CHARLES W . DABNEY.

CREDIT TO WHOM CREDIT IS DUE.

In the March number of the M erch a n ts ’ M aga zin e we published some statistics in
relation to the Collins and Cunard Steamers, which we credited to the C ourier and
E n g u irer, where we supposed they originally appeared. We now learn, from an un­
questionable authority, that the article was prepared by J. H. C. C ampbell, Esq., with
much care and trouble, and was first published in the B oston Jou rnal. Mr. Campbell
appears to be an accurate and intelligent statistician, and certainly deserves credit for
his interesting tabular statements.




Mercantile Miscellanies.

519

COMMERCE vs, THE NATIONAL DEFENSE,

The communication which we publish below comes from a distinguished officer, an
engineer, in the United States Army, and we can only say that we rejoice to find men
in our army entertaining views so perfectly in keeping with the enlightened spirit of
the nineteenth century. The letter which follows was not designed for publication,
but it is too spicy and too pertinent an introduction to the writer’s criticism of the
Chief Engineer’s report to be lost:—
F reeman H unt, E sq., E d ito r o f the M erch a n ts' M a g a zin e , etc.
D ear S ir :—Supposing that the subject treated of in the inclosed paper might be
interesting to your readers, and acceptable to yourself, I take the liberty of inclosing
it to you.
Breast-works of cotton bags are said, in history, to have saved New Orleans from
capture, but the moral power of 2,500,000 bales, in preserving peace to the country,
is much greater than our military men are aware of.
After we have defended our naval depots (for it is a safe policy to do by them
what all naval nations have done for theirs) we had better spend our money in im­
proving harbors and rivers, and affording other facilities to Commerce, the extension of
which, with England and France, would afford greater guaranties of peace than all the
bayonets, big guns, or batteries, or big Generals in the world.
Remaining, with great respect, your friend and servant, w . H. C.
REPORT OF GENERAL TOTTEN, CHIEF ENGINEER, ON THE SUBJECT OF THE NATIONAL
DEFENSE.---- WASHINGTON, 1 8 5 2 .

This is the title of a pamphlet, published in Washington, containing some hundred
pages. As the subject relates to the policy of the National Defense it is not unwor­
thy of criticism. For the present, the following memoranda embrace all that need
be said in the premises.
The General of Engineers insists that the United States may again be visited by
wars with the most powerful nations. So also any other calamity might happen, be­
cause it had happened before. A pestilence may again sweep off the population; a
famine may destroy it ; mountains and continents may again be upheaved ; and the
ocean may again roll over the present dry land, when sunk to its former level. It
would be more philosophical to calculate the chances of these things taking place
again. This should especially be done where the elements for such calculation are
furnished in abundance.
There is one powerful nation that might prove formidable to the United States in
naval offense; but that one is the very nation that is least likely we shall ever be at
war with.
Great Britain and the United States are as much connected together by commer­
cial interests, as the State of New York is with the other States of the Union. Great
Britain and the United States own, to-day, over 8,000,000 tons of shipping, which
are nearly divided between them, and both are adding prosperously to this enormous
aggregate, affording additional guaranties for the preservation of peace between them
through all time. Great Britain exported to the United States in 1850, $72,000,000,
or one-fifth of the entire exports of the United Kingdom. In 1849, Great Britain im­
ported from the United States $122,000,000. Taking, then, the exports to the United
States for 1850, and the imports therefrom in 1849, we find that $194,000,000 meas­
ures the trade between the two countries!
In a parliamentary paper recently issued, it is stated that the declared value
of the cotton manufactures exported from Great Britain in 1850, was £28,257,461, or
$137,048,685.
Of all the raw cotton imported into England, the United States furnishes eighty
per cent on an average.
Under these circumstances the cessation of trade between the United States and
the United Kingdom, in consequence of a state of war, would be attended by the
most disastrous results to both countries, but especially to the latter country, whose
political existence would be greatly endangered, if not destroyed.
With these elements it amounts to a mathematical showing that England is forced
to maintain peace with the United States at all hazards and at all costs; f o r i f she
goes to war w ith them she goes to war with herself.




520

Mercantile Miscellanies.

General Totten must then leave out England as one of the “ powerful nations” that
can possibly wage a war against the United States.
There is but one other nation of any maritime consideration, that can be claimed
to be superior to the United States on the score of naval power, and that one is
France. With the greatly increasing demands in the United States for the silks and
wines, and other products of France, and the considerable demand she is also making
for our great staple of cotton, France would have a great deal to lose by a war with
the United States. But she has other views of policy. France wants extended
Commerce, and consequently colonies, which she is preparing to acquire in Syria and
Egypt, and, perhaps, in India. To do this she must first secure a good and permanent
government at home. Her people want internal quiet, so that they may dig, im­
prove the earth, manufacture, and sail beyond the seas. France also wants an outlet,
not only for her increasing productions of nature and art, but for her swarming popu­
lation. She must have colonies to receive her people, not trans-oceanic, but M ed iter­
ran ea n ones. Syria and Egypt would afford superb colonies, or rather departm ents
o f F ra n ce, in which immigrating Frenchmen would find themselves almost in sight of
beautiful France.
This was the master idea of Napoleon the First, and Napoleon the Second has given
evidence that he will not lose sight of the policy of Napoleon the Great.
These elements are sufficient for calculations to be made of the chances of war
being waged by “ powerful nations” against the United States. In considering them
we are authorized to declare that a war with England or France might ensue once in
a million chances. With England there is the attenuated p o ss ib ility of war arising
from the contiguity of frontiers, or of rivalry of other interests in America. But with
France the only possibility would be faintly derived from a miracle occurring, i. e.,
that Don Quixote should come to life, and place himself at the head of affairs in
France !
If the advocates of a magnificent system of Fortifications would take this view of
political things, their mental vision would be improved, or at all events they would
not be haunted with the idea of powerful enemies taking possession of Rhode Island,
sitting down before New York, or sailing up the Mississippi ad libitum . Their pro­
fessional skill and political influence would be better exerted in favor of the speedy
completion of a reasonable scheme of defence of the military and naval depots. In­
stead of advocating the occupation of some 157 points along our extensive coasts,
they should confine themselves to the speedy completion of works at the most im­
portant points, where some show for the necessity of the defense may be made; such
as those as at the naval harbors of Portsmouth, Boston, Philadelphia, Washington,
Norfolk, and Pensacola.
Having confined General Totten’s “ powerful nations” to two in number, and having
shown the attenuated possibility of a war taking place with either of them, and be­
lieving that the United States are in no danger of being conquered, occupied, or at­
tacked, it would be a work of supererogation to criticize further the Report of the
General in order to show the many fallacies it contains.
The object of the present memoranda is to show that General Totten has not noticed
very important elements entering into the policy of the national defense; and that,
had he considered the international relations of commercial countries, and the control­
ling influence that exterior Commerce has in preserving them unbroken, his views
would have taken in a greater scope of the subject treated of.
In so important a branch of our national policy, every fact bearing on it should be
given. Congress and the country desire to receive from authentic sources, not only
opinions upon this policy, but every fact and result growing out of its development.
Every interlocutor, therefore, should endeavor not to bring fu m u m e x fu lg a r e , sed ex
f u m o dare lucem.

THE SALT TRADE OF ENGLAND.

There are ninety seven establishments in England, mostly in Cheshire and Worces­
tershire, which manufacture salt. These works produce, on an average, 800,000 tons
of salt per anuum, of which fully one half is exported to the United States and Can­
ada, the Baltic, Scotland, and Ireland, and the remainder is consumed at home in al­
kali manufactures, for domestic purposes, aud as manure. The town of Newcastle-onTyne consumes 70,000 tons annually.




Mercantile Miscellanies.

521

THE MERCANTILE BENEFICIAL ASSOCIATION OF PHILADELPHIA.

We have already recorded in the pages of the M erchants' M aga zin e , our hearty ad­
miration of the aim and plan of this society, which, as we learn from the annual re­
port submitted November 11th, 1851, has been in successful operation for ten years.
It is to be regretted that the attempt to establish a similar society in New York, has*
been unsuccessful. We could desire to see the plan carried out on a larger and broader
scale everywhere, so as to embrace every city, every town, every village in the country,
every point, in short, where there are men brought together by the common pursuits
of trade. The idea of the association is that fruitful one which lies at the bottom of
very many of the most beneficial movements of the day—mutual aid and mutual in­
surance. Although the Philadelphia association partakes of the character of a charity,
the relief it affords is not a gratuity, a member “ claim s and receives,” says the report,
“ the assistance to which he is entitled. Not a weekly stipend of three, five, or ten
dollars, but in a n y sum that the necessity of his case may require, either by gift or loan,
requiring no acknowledgement or other evidence of debt in return. His name is not
blazoned before the society; its rules forbid even this knowledge to the Board of
Managers.”
A book or register also is kept by the society containing the names of members
seeking employment, with their qualifications and references.
Efforts are now being made, with good prospect of success, for establishing a course
of lectures before the association.
The treasurer’s account presents the financial condition of the society in a favorable
light, the assets being $7,484 16. Twenty-four new members have been added during
the year, and the total number of contributing and life members is 374.
Such societies are a step towards, not a theoretical or visionary fraternization of the
race, but a practical and effectual association of men for mutual aid in the attainment
of well-being, for mutual protection against the common calamities of life, whose
benefits are imparted not as a gift, but as a right, and yet in that brotherly spirit that
spares the wounds of pride and respects the secrets of misfortune.
THE MERCANTILE LIBRARY ASSOCIATION OF CINCINNATI.

The library association at Clinton Hall, New York, established some thirty years
ago, mainly by the wise foresight of a true merchant, has been a fruitful example.
In all the large cities of the country associations have sprung up with the same name
and the same objects. One of the most successful and prosperous of these is the asso­
ciation at Cincinnati, as we rejoice to learn by the seventeenth annual report made to
the annual meeting held on the 6th January, 1852, and published by the association.
Its plan appears to embrace every means of improvement usually afforded by these
institutions, except one which has been found of much use at Clinton Hall—courses of
instruction in modern languages, and book-keeping. The reading room, lectures, and
library, on the other hand, leave little to desire.
We were surprised to find the library so large; it already contains 11,769 volumes,
and the increase during the past year has been very rapid. We doubt whether any
other association can show so rapid an increase in the same space of time. The Board
of Directors have been compelled to provide a new library room capable of holding
20,000 volumes, and from the details they present in the report we should judge that
when completed it will be a very elegant and convenient library hall.
The following is the Board of Directors for 1852 :—
J ames L upton, President; E. B H inman, Vice President; H. D. H untington, Cor­
responding Secretary; L. A. Ostrom, Recording Secretary ; C. R. F osdick, Treasurer;
R. C uenoweth, W . H. W oods, A. B. M err Iam , M. F. T hompson, J. C. C aldwell ,
Directors.
THE EFFECT OF PROTECTION ON PAPER IN SPAIN.

A protectionist experience is recorded in some late advices from Spain. The news­
paper proprietors there are about to apply to Government for a repeal of the duties
on foreign printing papers. They say that for the last eight years these duties have
been practically prohibitive, and yet that no progress has been made by the Spanish
paper-makers. The paper is as bad as ever, and so defective that many classes of
work carried on by the English and French printers cannot be executed in Spain.
The Spaniards, therefore, call for protection against the paper-makers in the shape
of wholesome competition.




522

Mercantile Miscellanies.
PENMANSHIP TAUGHT BY EXAMPLE.

The Com m onwealth says, that Mr. Geo. T. Comer, the celebrated mercantile teacher
of Boston, has hit on an ingenious expedient for multiplying good instruction in pen­
manship placing before every scholar at all times an exact showing how of the art of
>Holding a pen. This he has done by nothing less than getting up a casting in bronze of
his hand and arm in the act of writing. One of these perfect fa c s i m i l e s is placed on the
table before the scholar as a perpetual memento, and he has nothing to do but to dis­
cipline his own graphic extremity to the exact position of this rigid f u g l e hand. It is
obvious that an ever-visible rectitude must have a powerful tendency to repress all
divergence into the crooked ways of error, and even to reclaim from the vilest cacography. We are not classical enough to know whether or not Briareus was a writingmaster, who by a similar expedient got himself celebrated for having a hundred hands,
but if not, we think Mr. Comer deserves a patent.
The best evidence we can give as to Mr. Comer’s intelligence, and it is one which
wiH be lully appreciated by many, is the fact that about a year ago he purchased a
complete set of the M ercha nts' M a g a zin e , and is .now a permanent patron of the workOUR ENERGETIC MEN AND MERCHANTS.

"We love our upright energetic men. Pull them this way, and then that way, and
the other, and they only bend, but never break. Trip them down, and in a trice they
are on their feet. Bury them in the mud, and in an hour they will be out and bright.
They are not ever yawning away existence, or walking about the world as if they had
come into it with only half their soul; you cannot keep them down—you cannot
destroy them. But for these the world would soon degenerate. They are the salt of
the earth. Who but they start any noble project? They build our cities and rear
our manufactories. They whiten the ocean with their sails, and they blacken the
heavens with the smoke of their steam-vessels and furnace fires. They draw treasures
from the mine. They plough the earth. Blessings on them ! Look to them, young
men, and take courage; imitate their example, catch the spirit of their energy and
enterprise, and study the pages of the M erchants' M agazin e, and you will deserve and
no doubt command success.
FRAUD OF DRUGGISTS.

A trial of considerable interest, as we learn from the Liverpool Tim es , came on at
Wolverhampton, in which a druggist, Mr. F. Langman, was proceeded against at the
suit of a Mr. Baker, for selling certain boxes of pills purporting to be “ Sir James
Murray’s Concentrated Cod Liver Oil Pills,” when, in point of fact, Sir James, who is an
eminent physician in Dublin, had never given his sanction for the use of his name, and
when also (as was proved in evidence) it was an impossibility to concentrate the cod
liver oil in the way spoken of. It had been found that the pills contained prussic
acid in the shape of bitter oil of almonds, but no cod liver oil. A verdict was given
for the plaintiff, (the sum sought to be recovered being 2s. 9d.,) with costs. The judge
made some severe comments upon the fraud which had been practiced. Similar
frauds we are credibly informed are practiced by some druggists in the United States.

BUSINESS HOURS IN BOSTON.

A writer in a recent Transcript complains that the business hours of Boston close at
2 instead of 4 o’clock, as in New York, thus shortening the time for making purchases
and cheapening goods. He says, very feelingly, that “ there is a loss of precious time
for business purposes.” Our opinion is, if it is worth anythiug, that there is too much
“ precious time” lost in “ business purposes,” and too little expended for higher advan­
tages than dollars and cents. As people live around us, it would seem as if there was
nothing but money worth striving for ; and every energy of mind and body must be
exerted for its attainment. G et r ic h ! appears to be the rule that men have written
on their hearts, and it is a “ waste of precious time ” to turn aside for a moment from
its direction.— P ath fin der.




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THE BOOK TRADE.
1.

— In te r es t Tables a t F iv e P e r C e n t; in which is shown the In terest on a n y sum
f r o m £1 to £10,000, f o r a n y length o f tim e fr o m one day to three hundred and six ty fiv e day st by days, f r o m one m onth to twelve m onths, by m onths , and f r o m one y ea r to
s ix years, by yea rs, each by the addition o f two sum s only. T h e y also show the I n ­
terest on shillin gs f r o m one to n ineteen shillin gs at a single g la n c e : likew ise Tables
f o r reducing In terest fr o m One P e r Cent to another, and. f o r calcu la tin g the Com ­
m issions on Sales o f Goods. By G eorge O ates. 8m , square, pp. 237.

2.

— In terest Tables a t Seven P e r Cent, in which is shown the In terest on a n y sum f r o m
to $10,000, f o r a n y length o f tim e f r o m one day to one year, by days. In terest
being calcu la ted at the rate o f three hundred and sixty-five days to the y e a r , by the
addition o f two sum s only, both o f which are f r o m the same Table. T h e In terest on
cents is also seen at a glance. By G eorge O ates. 8 vo., square, pp. 184.
New

$1

York : D. Appleton tfc Co.
Various tables prepared by this author have been in use for a long period, and their
accuracy is unquestioned. The above-mentioned will be found exceedingly convenient
for all calculations of int^est in pounds or dollars. The answers are found with ease
and simplicity, and with remarkable rapidity. They are not surpassed in these re­
spects by any other tables with which we are acquainted.
3.

— T h e G ram m ar o f E n g lish G ram m aria ns, w ith an In trod u ction , H isto rica l and
C ritical, the whole M eth odica lly A rranged and A m p ly Illu stra ted , with F o rm s o f
C orrectin g and o f P a rsin g . Im p rop rieties f o r C orrecting , E x a m p les f o r P a r s in g ,
Questions f o r E xa m in a tion , E x ercises f o r W ritin g , O bservations f o r the A dva nced
Student , D ecisio n s a n d P r o o f s f o r the Settlem ent o f D isp uted P o in ts, O ccasional
S trictu res and D efen ses , an E x h ib itio n o f the Several M ethods o f A n a ly sis, and a
K e y to the O ral E x e r c is e s : to which a re added F o u r A p p en d ices p erta in in g sep a r­
a tely to the F o u r P a r ts o f G ram m ar. By G oold B rown. 8vo., pp. 1,028. New
York : S. S. & W. Wood.

A work on English grammar of a thousand pages octavo, and much of it in very
fine type, is certainty a rare production. It contains all the learning on the subject,
and may be regarded as the most complete work in this respect that has been, or
will very soon be published. It has consumed a large portion of twenty years of the
author's life, and is a monument of industry and perseverance. Those who wish to
pursue investigations in the grammatical construction of our language, or who wish to
possess in a portable form all that has been said or determined by writers on mooted
points in the language, or who wish in addition to possess the independent and original
views of an active and strong mind, that has been devoted to the subject, will find
in these pages all they desire.
4.— D a ily B ib le Illu stra tion s : being O rig in a l R eadings f o r a Year, on Subjects f r o m
S acred H istory, B iogra p h y, G eography, A n tiq u ities, and Theology, E sp ecia lly D e ­
signed f o r the F a m ily Circle. By J ohn K itto, D. D. Evening Series. Job, and
the P o etic a l B ook s. 12mo., pp. 419. New York : Robert Carter.

The general character of this work possesses some very commendable features, and
some that are objectionable. It contains much that will be of the nature of informa­
tion to the great mass of Christian readers, respecting the manners, customs, habits,
<tc., of the people of Palestine, in ancient days. This information is agreeable and
valuable, but too often, in this work, it is superficial, gathered from various sources,
and after all has in itself very little intrinsic worth. The reflections are generally in
an excellent spirit, just, and in tone with Christian sympathies; but they are,at times,
tame and weak, and comprise too great a mass of the kind. It is illustrated with
numerous cuts, representing the state of the arts, Jrc., among those early people.
The present volume is devoted chiefly to the book of Job, which it explains at much
length.
5.

— T h e A r t J ou rn a l f o r 1852. New York: George Virtue.
This number contains numerous embellishments, such as the “ Grisette of Yorick,”
“ Protecting Angels,” “ The Staten Bow the first and last of which are from pictures
in the Vernon Gallery. It is not less interesting in its contents than any of the pre­
vious ones.




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6.

— E lem en ts o f L o g ic , com p risin g the Substance o f the a rticle in the E n cyclop ed ia
M e tr o p o lita n ; with additions, dec. By R ichard W hately, D. D., Archbishop of

Dublin. 12mo., pp. 443. Boston: James Munroe Co.
Man in every variety of pursuit—the statesman, the lawyer, the soldier, the mer­
chant—is more or less of a reasoner or logician. They are all occupied in deducing,
well or ill, conclusions from premises, each concerning the subject of his own particular
business. The volume before us teaches with singular ability the principles of logic,
and altogether is one of the most clear and comprehensive treatises of reasoning from
Induction that has ever been published. The present, the ninth edition, has been en­
larged and improved by the author.
7.

— A T h ou g h t-B ook o f the W ise S p irits o f A l l A g e s a n d A l l C ountries, f i t f o r A l l
M en a nd A l l H ou rs. Collected, arranged, and edited by J ames E lmes, author of

Memoirs of Sir Christopher Wren, <fcc. 18mo., pp. 256. Boston: James Munroe.
A most excellent collection of “ thoughts that breathe and words that burn,” gath­
ered from the great minds of all ages and all countries. They have, it seems, been
selected with a certain regard to uniformity of statement on moral, philosophical, and
religious truth; and particularly as tending to prove the conformity of Reason with
Revelation.
8. — C om panions o f m y S olitude. By the Author of “ Friends in Council,” “ Essays writ­
ten in the Intervals of Business,” <fec. 12mo., pp. 255. Boston: James Munroe Co.
Those who have read either of the books named in the title-page quoted, will not
willingly forego the pleasure and the profit which the present publication cannot fail
to bestow. Good sense, correct and manly feeling, a nice discrimination of man and
society, earnestness of purpose working in an element of playful humor, conveyed in
good, unaffected language, combine to render the present volume attractive to the
purest and best minds of our time.
9. —T h e A m e r ic a n M a t r o n ; o r P r a c tic a l a nd S cien tific C ookery. By a House­
keeper. 12mo., pp. 263. Boston: James Munroe & Co.
“ At the bottom of good housewifery is the all-important art of good cooking—a
matter of joint science and experiment.” So says, and correctly, the author of this
manual. To be brief, it furnishes a collection of the very best receipts that practical
skill has suggested, for all varieties of food, and it imparts the scientific knowledge
necessary for the full understanding and skillful use of the practical instructions.
10. — T h e Camel H u n t; a N a rra tive o f P e r s o n a l A d ven tu re. By J oseph W. F abens.
12mo., pp. 219. Boston: James Munroe & Co.
An interesting personal narrative, abounding in romantic incidents and graphic
sketches.
11. — T h e G reek G i r l ; A Tale in Two Cantos. By J. W. S immons. 12mo., pp. 143.
Boston : J. Munroe &, Co.
A beautiful and pleasing poem, displaying more than usual talent at versification,
and a cultivated and chastened imagination.
12. — In tern a tion a l M aga zin e f o r M arch, 1852. New York : Stringer & Townsend.
The present number of this interesting publication opens with an admirable life-like
engraving of the Aztecs, as they appear at the Society Library, where they are now
being exhibited. It is accompanied with a brief sketch. These Lilliputians are attractting the attention of the scientific and the curious; and we believe that among the
most intelligent they are regarded as the genuine remnant of a race now almost ex­
tinct. The advocates of the unity of the human race are in a quandary.
13. — T h e

Swam p S teed ; o r the D a y s o f M a r io n a nd his M e r r y M en .
the A m erica n R ev olu tion . New York : Dewitt &. Davenport.

A R om a n ce o f

The heroic courage and dariDg of Marion furnishes a fine subject for romance; an d
the author seems to have availed himself of the incidents, and worked them up into a
story of more than ordinary interest.
14. — The S pangles and T ingles ; or R iv a l B elles. A Tale. By J. B. Jones. 12mo.,
pp. 270. Philadelphia : A. Hart.
It is the aim of this agreeable tale to unveil some of the mysteries of society and
politics as they exist at present in this country.




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15.

— A L ad y's V oyage R o u n d the W o r ld : a Selected T ran slation f r o m the G erm a n o f
Ida P seiffer. By Mrs. S innett . 12 mo., pp. 302. Nevr York: Harper A Brothers.

Few persons ever possess such an inappeasable desire to become travelers, as this
matron, who, after having reared a family, finding herself at leisure from this world’s
cares, undertook to gratify it. Her travels round the the world are striking, as pre­
senting the manner in which a resolute and untiring woman could accomplish such a
journey. She experienced many hardships and dangers, but her brave spirit bore her
safely through them all.
16. — L i f e a n d W o rk s o f R ob ert B u rn s. Edited by R obert C hambers , in four volumes.
Vol. 1. 12mo., pp. 350. New York: Harper A Brothers.
A life of Burns of the character of this has loDg been needed. Its leading fea­
ture consists in interweaving the poems with the memoirs in the order in which they
were written. Thus we have the poet’s life and feeling to illustrate the poems ; and on
the other hand the sentiments of the poems reflect their light upon the author’s life
and actions. This is the only method by which the character of Burns can be under­
stood, and it furnishes us with an interesting memoir.
IT — R ecollection s
se ll

M iteord .

o f a L ite r a r y L ife ; o r B o o k s, P la ces, a n d P eo p le .
12mo., pp. 558. New York: Harper A Brothers.

By M a r t

R us­

This is a sort of gossiping, literary admixture; in part anecdotal, in part consisting
of extracts in verse, some of which are very choice, with occasional reflections and
criticisms. It is a little inclined to be dull and prosy at times, but on the whole quite
a pleasant and savory dish. The notice of Daniel Webster is admirable.
18. — A r c tic

S ea rch in g E x p e d it io n ; A J ou rn a l o f a boat voya ge th ro u g h R u p e r t s
L a n d and the A r c tic Sea, in search o f the D iscov ery ship s un der com m and o f S ir
Joh n F ra n k lin , with an A p p e n d ix on the p h y s ic a l G eography. By S ir J ohn R ich ­
ardson , C. B. 12mo., pp. 516.
New York: Harper A Bros.

Everything relating to the Arctic regions is now a matter of interest; more espe­
cially whatever is connected with the efforts to discover the fate of Sir John Franklin.
This volume contains a very interesting and graphic sketch of a journey over land to
the Arctic seas, by an English officer sent out to discover, if possible, any traces of the
long lost expedition. It is rich in information relating to a part of the world so sel­
dom visited, and it enlists the attention of the reader by the hazards and trials of the
travelers.
19. — N a rra tives o f S orcery a nd M a gic, f r o m the m ost a uthentic sources. By T homas
W r ig h t , M. A., corresponding member of the National Institute of France. 12mo.,
pp. 240. New York : J. S. Redfield.
No small part of the value of this volume is that it presents an example of the manner
in which the public mind may, under peculiar circumstances, be acted upon by erroneous
views. In addition, in the form of detached histories, it exhibits the character under
which, at various periods, the superstitions of sorcery and magic have affected the
progress of society. It is very full in its statements, which have been obtained from
the most reliable sources, and it is one of the best works on the history of these
delusions.
20. — T he

F a rm er’s G uide to Scientific and P r a c tic a l A g ricu ltu re, deta ilin g the labors
o f the F a rm er in a ll th eir variety, a n d a daptin g them to the seasons o f the y e a r as
th ey m ccessively occur.
B. H en ry E. S teph e n s , F. R. S. E., edited by J ohn P.
N orton . With numerous Illustrations. 2 vols., 8vo., pp. 710 and 804. New York:

Leonard, Scott, A Co.
The art of agriculture has never been so fully and so ably treated as by this writer.
The work before us is unquestionably the highest authority upon the subject of farm­
ing. It comprises not only such information as may be suitable for one class of farm­
ers, but on the contrary, it is adapted to all. It has been prepared for the purpose of
instructing young men who might desire to become farmers, in practical industry.
The details of each farm operation and its relation to that which preceded and follow­
ed it in the revolution of the agricultural year are described with great minuteness.
All that is important respecting stock, the manner of purchasing and preparing farms,
in addition to their management, is completely treated here. The character of the in­
formation is most reliable. The author was one of the most experienced of English
farmers, and an intelligent and capable man. A work of this kind is worth more to
the farmer than all the small agricultural works combined.




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21. — A n n u a l o f S cientific D iscov ery : or Y ea r-B ook o f F a cts in S cien ce and A r t , f o r
1852. E x h ib itin g the m ost Im p orta n t D iscoveries and Im provem en ts in M ech an ics,
U seful A rts , N a tu ra l P h ilosop h y, C hem istry, A stron o m y , M eteorology, Z o o lo g y ,
B o ta n y , M in era logy, G eology, G eography, A n tiq u itie s, A c., together w ith a L is t o f
R ecen t Scientific P u b lica tion s. A Classified L is t o f P a t e n t s ; O bituaries o f E m in en t Scientific M en ; N otes on the P ro g ress o f S cience d u ring 1851, A c. Edited by
D. A. W e lls . 12mo., pp. 408. Boston: Gould <fc Lincoln.

Few works possess more intrinsic interest to the friend of scientific discovery than
this volume. It is truly a compendium of all that has been discovered, or of the real
progress of science during the past year. It appears to embrace every department of
scientific knowledge, and to be prepared with such intelligence and discrimination as
to exclude everything trivial or unimportant.
22. — A

P ilg rim a g e to E g y p t, em bracing a D ia r y o f E x p lo r a tio n s on the N il e ; with
observations illustrative o f the m anners, customs, and in stitu tion s o f the p resen t c o n ­
d ition o f the A n tiq u itie s a nd R u in s , with num erous E n g ra vin gs. By J. V. C.
S m ith , M. D. 12tno. Boston: Gould <fc Lincoln.

It requires no ordinary courage to send forth a work upon Egypt after the many
agreeable and instructive volumes lately published upon the same subject; yet the
author of these pages is not strictly a competitor with any previous writer. He
visited Egypt more like a plain unsophisticated matter-of-fact man, and therefore,
looked upon that land of fleas, and vermin, and sepulchers, with undazzled eyes. The
reader may he sure of seeing the country as it is, rambling with him through it, and
his pains will be far from unentertaining or profitless.
23. — The

H istory o f P a lestin e, From the P a tr ia rc h a l A g e to the P re s e n t T im e ; with
In trod u ctory C hapters on the G eogra p h y and N a tu ra l H isto ry o f the C ountry, and
071 the Customs a nd In stitu tion s o f the Jews. By J ohn K itto , D. D. With upwards

of two hundred illustrations. 12mo., pp. 426. Boston : Gould <fc Lincoln.
The value of this work consists in the connected form in which it presents the history
of the Jews from the earliest period, with the intimate knowledge which it conveys
of the customs, manners, and condition of that nation while inhabitants of Palestine.
Those whose minds delight to linger over the surprising scenes that have been trans­
acted in that noted country will here find much to interest them.
24. — D rea m L i f e : a F able o f the Seasons. By Ik M a r v e l . 12mo., pp. 286. New
York: Charles Scribner.
In these pages Ik Marvel appears in as exquisite style as ever. They contain the
“ Dreams of Boyhood,” the “ Dreams of Youth,” the “ Dreams of Manhood,” and the
“ Dreams of Age.” So far as relates to beautiful writing, and pointed expressions, this
author is without a superior at the present day. But he does not possess the thought­
fulness of an Irving, or the under-current of good sense of Addison, yet this alone is
the element which has preserved the compositions of all elegant writers, whether
ancient or modern.
25. —B oydelVs Illu stra tion s o f Shakspeare. Part 38. New York ; S. Spooner.
In this number are two plates. The first represents a passage in the 4th Scene of
the 4th Act of the Play entitled “ King Henry Fourth,” where the Prince lays his
hand upon the crown beside his sleeping father. The other represents a subsequent
passage, in which the Prince asks pardon for his boldness. The execution is well
done, and the countenances of each are quite distinct and impressive.
26. — H om eopa th y

and A llo p a th y ; R e p ly to “ A n E xa m in a tio n o f the D o ctrin es and
E vidences o f H om eopa th y , by W orth in g ton H ook er, M . D .” By E. E. M a r c y , M . D.

12mo., pp. 144. New York: Wm. Radde.
This is a manly and vigorous reply to an attack upon Homeopathy. Of course we
do not attempt to sit as a judge upon the issue. We only exercise our observation
upon the skill of the disputants. Both are sharp and keen, champions in their cause,
but the author of this work displays the best temper and logic.
27. — T h e Y ellow P lu sh P a p ers. By W. M. T h ac ke ray . 12mo., pp. 219. New York:
D. Appleton tfc Co.
This is the second number of A ppleton’s Library of popular and readable books.
It is s .fticient to say that it is from the pen of the inimitable Thackeray, and that it
consis d of the Yellow Plush Papers, so widely known from their entertaining con­
tents.




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28. — A p p leto n 's P o p u la r L ib r a r y o f the best A u th o rs. N o , 1. E ssa y s f r o m the L o n ­
don Tim es. 12mo., pp. 301. New York : D. Appleton & Co.
This is the commencement of a new enterprise which promises great entertainment
and gratification to the public. The selections from Authors, which will comprise some
of the earlier volumes of the series, consist of “ Miscellanies from Hook,” “ John Fors­
ter’s Life of Goldsmith,” “ The Yellow Plush Papers,” by Thackeray, “ A Biography of
Jeremy Taylor,” “ Leigh Hunt’s Book for a Corner,” <fcc. Surely if the mass of readers
do not find entertainment in such a collection we are at a loss to conceive where they
can seek for it. The first number before us consists of essays from the London Times,
a paper which is the leader of its class of publications, in ability and character. This
volume is extremely interesting and valuable.
29. —A H istory o f Classical L itera tu re. By K. W. Brown, M. A. Greek Literature.
8vo., pp. 536. Philadelphia: Lea & Blanchard.
An historical work on classical Literature, which shall meet the popular wants,
must neither be too learned and critical, nor so brief a summary as to be superficial
and imperfect. It is this medium which the author of these pages appears to have
had in view in their preparation. With ample stores of learning at his command,
and with an elevated and pure taste, he has selected, with great discrimination, only
those particulars which are instructive, entertaining, and important to the general
scholar. He has therefore prepared a very attractive and readable work, which is also
one of the best general histories of Grecian literature which we possess.
30. — The

C om ical Creatures fr o m W u rtem berg. In clu d in g the S to ry o f R e y n a r d the
F ox.
W ith T w enty Illu stra tion s, D ra w n f r o m the S tu ffed A n im a ls C ontributed by
H e r r m an P lou cq u et, o f S tu ttga rt , to the G rea t E x h ib itio n . 8vo., pp. 96. New

York : George P. Putnam.
As an illustration of some of the most amusing articles at the Crystal Palace, this
little work is quite pleasing. The cuts represent the display of stuffed animals in the
exhibition, which form one of the most amusing subjects in that vast collection. The
letter-press consists of a tale of Reynard the Fox, which has become as common as
household stories, on the continent of Europe, and is one of the most charming of the
popular tales.
31.— N ew

V arieties a f G old a nd S ilver C oins , C ou n terfeit C oins a n d B u llio n , with
M in t Values. Second E d itio n , rea rra n ged with num erous additions. By J. R.
E skfeldt and W. E. D ubois, Assayers of the Mint. To which is added a brief ac­

count of the collection of coins belonging to the Mint. 8vo., pp. 72. New York:
G. P. Putnam.
This is a new edition, with various improvements and enlargement, of a small work
issued some time since, which was designed as a convenient and authentic manual for
individuals or institutions dealing in the precious metals, especially in the California
trade. There is appended to it, “ A brief account of the collection of coins belonging
to the Mint of the United States,” and many other additions calculated to render it
serviceable to the man of business and others.
32. — H om eopa thic

D om estic P h y s ic ia n : C on ta in in g the Treatm ent o f D is e a s e s ; with
P o p u la r E xp la n a tion s o f A n a to m y , P h y s io lo g y , H igien e, and H y d ro p a th y , also an
A b rid g ed M a teria M edica. By J. H. P ultze , JV1. D. 8vo.,pp. 539. New York: A.
S. Barnes & Co.

The features of this work which commend it to the attention of all families, are the
safety of the practice, the clearness and simplicity of its directions, and the ease with
which any one can use it. Even those who are not homeopathists admit the value of
the system for all those ills which are not so violent as to require the most prompt and
severe remedies; all such, as well as the friends of the system, will find this an ad­
mirable book for family use.
33. —A Com m entary on the B o o k o f P rov erb s. By M oses S tuart . 12mo., pp.429.
New York : D. W . Dodd.
No American scholar has been better qualified to write a commentary on any of the
books of the Old Testament than this learned professor. In the preparation of the
present volume he has had two objects in view; to prepare, in the first place, a nucleus,
for a practical commentary on the Book of Proverbs; secondly, to illustrate by the
aid of this book those peculiar forms and idioms of the Hebrew language, which are
more employed in this text than in the other portions of the Testament.




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34. — C h ild ren :

th eir D isea ses and H yd rop a th ic m anagem ent in H ea lth a n d D isease,
D esig n ed as a G uide f o r F a m ilies a n d P h ysicia n s. By J oel S h e w , M. D. 12mo.
New York: Fowlers & Wells.

This volume is designed to serve as a family guide on the treatment of diseases ac­
cording to the hydropathic principle. It is sensible, judicious, and contains a vast
fund of useful and practical suggestions in addition to the peculiar system which it
recommends.
35. — The N ew Y o r k Q u a rterly
No., 1852. pp. 134.

Review.

Edited by A. G.

Vol. 1, March

R emington .

This, the first number of a new review, promises well. It contains some dozen
articles, six of which are from the pen of the editor. They are written with ability,
and furnish abundant evidence of capacity to conduct such a work. The leading
paper of the number, on “ German Independence,” bears the impress of a sound
judgment and good taste. An article, “ Palestine, by a Pilgrim,” has the initials of the
Rev. Frederic W. Holland, one of the most vigorous of our magazine %nd review
writers.
36. — Tales a n d T rad ition s o f
New York: J. S. Redfield.

H u n g a ry.

By

T her esa

P ui.szk y .

12mo., pp. 345.

As coming from the pen of one with whom the English is not the native language,
these tales are remarkably well written. They display a delicate fancy and highly
cultivated mind, and contain many very striking pictures of Hungarian life.
37. — C lovernook, o r R ecollection s o f ou r N eigh b orh ood
C a e e y . 12mo., pp. 342. New York: J. S. Redfield.

in the

W est.

By

A

lice

The scenes and incidents of Western life, which these pages describe, will be read with
interest. They are written with great smoothness of language, and a truthfulness and
delicacy of sentiment which is rare.
38. —N ew Y o r k A r is to c r a c y ; o r G em s o f Japoniea-dom .
tions. 12mo. pp. 152. New York : C. B. Norton.

By

J oseph ,

with illustra­

This is a clever thing in union with the illustrations, but a subject so full of good
points might have been much better handled.
39. — T h e

P r a c tic a l A rith m e tic designed f o r the use o f S ch ools a n d A ca d em ies , em bra­
cin g every va riety o f p ra c tica l question. By J ohn T. S toddard . 12mo., pp. 292.
New. York: Cornish & Lamport.

The fundamental principles of Arithmetic will be found in these pages to be treated
in an exceedingly practical manner. It is the best manual of the.kind we have ever
seen.
40. — T h e H ea d o f the F a m ily.
York: Harper <Ss Bros.

A novel by the author of Olive.

8vo., pp. 169.

New

The reader will recognize in the author of thisvolume awriter of no ordinary talent.
41. — E p ita p h s f r o m Copp’s H ill B u r ia l G roun d , B oston . With Notes,
B eid g em an , 12mo., pp. 248. Boston : James Munroe & Co.

b y T homas

W eb stee ’ s D ic t io n a r y -—Under the provisions of the Massachusetts Legislature,
placing a copy of an English dictionary, at the expense of the State, in each district
school of the Commonwealth, 3,085 of the districts selected Webster’s Unabridged
Dictionary as their standard work, and 105 only of another work—30 to 1. A very
large proportion of the school books used through the country are based upon Dr.
Webster’s system, as contained in the recent revised editions of his works. Between
7,000 and 8,000 of the districts in the State of New York have also taken Webster’s
Unabridged Dictionary, under the provision of the last Legislature for that purpose.
The Town Superintendent of Attica writes:—“ There is a general sentiment of appro­
bation, as far as I have heard, in relation to the Dictionary. The size, quality of the
paper, typography, and binding, all give satisfaction. There were but few in our
place before these arrived, and I have been amused since to see, in all cases of dis­
pute about the orthography, pronunciation, or definition of words, how often the
‘ standard ’ is referred to.”